This is precisely how Western Governor's University (WGU) works, as I understand. You do the modules and when you've completed them (at your own pace), you get the degree. I had a teacher in high school who did this to get a IT degree, and they have lots of other ones as well.
HN story where someone got a CS degree in three months by speedrunning the tests: https://news.ycombinator.com/item?id=25467900