I have been exposed to certifications all along my 20 year long carreer and have always looked at it, as a poor justification of having good knowledge on a subject.
So to me, certifications are merely business model that wants to sell you value which does not really exist.
E.g Everyone can pass a SCRUM certification exam, not everyone can be a scrummaster.
I am currently preparing for AWS and GCP architect/engineering certs and I find preparations as some way to solidify my years of knowledge and experience in the field. I think also certification is good way to be recognized in consulting market, especially as I work remotelly from nearshore country.
My friend last year obtained AEM Developer certification and with proper self-promotion he got flooded with queries and his rate doubled overnight. He got years of prior AEM experience.
I find popular certs like Scrum or entry Java certs valuable today mostly for junior level specialists to get foot in the door easier. However for experienced engineers a proven track record and a network is more benefitial.
Also, some big companies and govement agencies recognize or even require contractors to be certified in given technology.