First, I think there is absolutely no point for a second grader to laugh at a first grader's achievement. If you think you are overqualified, find some other things that challenge you.
Second, I think the passing score is determined based on available statistical data, If I spent 2 months studying for the exam, and I know I worked hard for it, I believe it is NOT true that everybody can pass it. That is the first point I think you missed.
Third, If the purpose of the SCWCD is to test a programmer's fundamental knowledge of the J2EE web component, I think it is right on the target.
Fourth, most jobs requires a B.S degree, if only a small portion (say 10-20%) of the undergrad students can honorly get their diploma, then I think the degree would NOT be required for most of the job, same things applies to SCWCD certification. The certification does not and should not used to prove you a hardcore super Java web developer, nor can any working experience. I see people having years of java programming experiences and yet still had hard time understanding the basic OO concepts.
In addition, working for a particular exam did help me focus on the fundamental concepts and force me to think deeper.