Chris - I hope no offense was taken. Certainly there are real social media experts qualified to provide training (though I think you'd agree there are far more self-proclaimed experts than actual). And training has value. I've presented at seminars and I hope expanded the knowledge of the attendees.
But as Marjorie points out, "Since there's no governing authority that determines standards in social media practice, such as what exists among other professional certifications, it's very possible for just about anyone to open up a certification program and claim legitimacy in the space." So while your program may be perfectly legitimate, someone down the street with a tiny fraction of your knowledge could today offer a competing certificate program.
Enployers have no way of knowing whether the candidate got a "good" certificate or a bogus one - or, as you pointed out, how much work they actually put into the course. Therefore, the certificate in many cases is likely to be virtually worthless to the company, or to the prospective employee.