Wow, what a great topic that is finally being discussed. Yasher Koach to chafetzchaim613 (I cannot agree with you more regarding everything you said).
I agree that it is a week proof to bring Chukas Hagoyim as your raya (a couple people said since doctorate holders in America are called doctors regardless of what they do or how old they are so should people with any sort of “smicha”- no matter how cheep the smicha is). However EVEN THIS is not true.
The book Honor & Respect: The Official Guide to Titles
says someone who has a Ph.D and does not work in academia (the example they gave is someone with a doctorate who works at a Bank) should not be addressed as doctor. So by that logic someone with a smicha degree who works in business, medicine, law etc. should not be called Rabbi.
Regardless, to even compare the two in the first place is rather silly in my opinion. The problem is that historically over time honorifics with real meaning get more and more watered down. This happens whenever money is given directly or indirectly in return for an honorific to institutions.
The lesson is that unless it is coming from a very well known and respected rov: focus on what people say and not the person saying it.