I guess I take my job too seriously, but I think it would matter quite a bit. Let's say it's an exam in a Nursing course, the instructor gave random grades, and some students were allowed to continue in the program, even though they had not yet mastered the competencies. It would be neglient of us to send those incompetent students out to the clinical sites, wouldn't it?
I'm using an obvious example, but the same logic is true in any course relevant to any degree program: we need to meaningfully assess students along the way to see if they "get it" and are ready to move on to more challenging courses. If we engage in frivolous grading, allow unprepared students to take higher level courses, and then they crash and burn, that's completely on the teachers, not the students.
Miles