I don't think commerce degrees should be devalued just because undergrads can do the degree. In the UK, law is undergrad whereas in the US it is post-grad only and in Australia either post-grad or combined (which sort post-grad anyway because you do most of it in your last years of study).
Having said that, the degrees with names like "International business and management" or "Business administration" sound like complete bullshit. And commerce can be criticised for its general uselessness. It doesn't give you a license for any particular jobs so people who haven't studied commerce can do any commerce related job.
Compare this with medicine and law, which you need if you want to become a qualified doctor or lawyer/judge. I guess accounting also has qualifications, but it is in the form of CA/CPA and not a commerce degree.