A PhD works as a status indicator is valid in the sense that a Github account with lots of accepted PRs into major OSS is a status indicator: that you have done the work and it has been found by academics in that field / the code maintainers for that OSS to be of high enough quality to be accepted. The work (thesis / PRs) and the credentials of the academics and academic institution / the code maintainer and the OSS project are probably public information that can be verified if there is doubt as to the worth of the credential.