Is this related to the exam that some college graduates could take to become professional engineers?

Necessary but not sufficient: My aerospace engineering degree is from an ABET-certified school. However, I skipped the class (and test) that puts you onto the track of being able to call yourself a professional engineer.

I would also suggest looking at the ABET certification interval for different campuses. It was a point of pride on our campus that we had a longer interval compared to the more established campus. We got the longer interval because ABET trusted our program to not need constant supervision.

Exactly. Most 4-year engineering programs are accredited (but definitely not all).

Rougly speaking, it cuts the professional experience requirement in half, and makes the entire process of becoming a P.E. (professional engineer) much simpler (not easier).

There are multiple field tests, including the Fundamentals & Engineering exam that allows you to 2x your eng.tech. experience.