My problem with unaccredited degrees is as follows:
Many (not all) prey on the uneducated. You think, OH! It would be easy to get a degree. It's so flexible, and they give me life experience credit! Plus they are cheaper!
Then after they graduate, they realize that their degree is not accepted in most places, after they lose thousands of dollars in tuition. The school, though, has their funds.
What REALLY irks me is when a school offers some pseudo-accreditation. If you are unaccredited, be honest about it. There may be situations in which an unaccredited program might be beneficial, but you shouldn't try to trick your students.
Another factor: the offering of the doctoral degree. There is no reason for an unaccredited school to offer a doctoral degree in an academic field. Why? What good would a PhD or ThD in theology do? You won't be able to teach with it. You will probably learn some things, but your degree won't be recognized. For a degree that is intended to produce scholars, accreditation is imperative. That's just the way the system works. I don't think it's the best, but I think it's what we have.
You don't need a title to receive an education. I have no problem with unaccredited institutions offering an education. I do have a problem with them passing out "doctorates" as if they mean something in the academic realm. All it constitutes is a useless title, and if you're doing it for the title, you're doing it for the wrong reasons (accredited or not).
I'm not against unaccredited schools, per se. I just would never spend my money in that fashion. I'd rather just learn through personal study. Others may have their reasons.
I also don't think that if a school is accredited it is a good school. Many accredited schools are not what they should be.