Charlie,
I share the same sentiments as yours. Unfortunately certifications have been a multi million dollar business for institutions like PMI, Scrum Alliance and Others.
Just like for getting CSM certification, it’s a pre-requisite to attend a 2 day class (which costs anywhere from $800-1200,) PMI is going to compel PMP aspirants to attend a PMP training class to attain 35 hours of project management education. This type of class would cost applicants anywhere from $1000-$4500 depending on the REP that one chooses.

That would a significant change which would discourage many from taking the certifications. Will PMI turn into an elite sect accessible only to the wealthiest? What about to those who have a genuine interest in project management but have no large means? Are they be bound to be excluded from the circle? The certification should be hard to obtain because the examination is challenging, not because the fee is hefty.
Charlie.

Folks,
Based on my research on the new PMP exam and the underlying eligibility changes, it appears to me that PMI will stop acknowledging/accepting the completion of video courses of PMP in lieu of 35 hours of project management education which are required to become eligible for PMP exam. Currently, if you are planning to take the PMP exam, you are supposed to take a PMP course (from a Recognized Education Partner of PMI) whether in person, virtual or just watch the recorded video lectures/course and that will fulfill 35 hours PM education requirement for the PMP application.

Starting Jan 2, 2021, PMI will not accept the completion of recorded video lectures/courses of PMP and you will be required to take an in person, online or virtual course (from a REP) which can cost you in thousands of dollars. PMI will not accept any other form of 35 hours of PM education, (recorded video lectures will not get you the required 35 hours).
In my opinion, anyone who is planning to take the exam in next 1 year should work on their PMP application now and get it approved (by fulfilling the 35 hours of project management education by watching the video lectures which would cost you around $10 as compared to the live PMP classes which would cost you in thousands of dollars) before the new exam requirements and eligibility criteria kicks in in 2021.

If anyone thinks that my perception about the new exam/eligibility criteria around project management education isn't correct, please chime in.