They do it slightly differently here in the States in terms of naming the ceremony and society. While I won't give the ritual details, I will tell you the reason:

Engineers, moreso than just about any other profession, have the ability to create massive death. We take science and apply it -- and if we let ourselves get lazy or get persuaded to cut corners, well... mattbw tells you about one bridge, and there are others.

The idea is that engineers should remember that, in the end, they serve humanity, not corporations. Unfortunately, the ritual/Order of the Engineer is not universal, not mandatory (just like being a Professional Engineer) and in the current climate, not cool.