Why does this matter?
You may be inclined to raise philosophical questions about what constitutes a good education and why certain organizations, with the approval of CHEA, which is approved by the federal government, can rule the roost.
In the end, if you care about education, you can educate yourself. So it should be possible for you to get a good education at any school that actually offers courses that are taught by people with good educations themselves.
College accreditation procedures guarantee that a school has adequate resources and faculty to deliver good courses.
Or to put it very practically, only those schools that are regionally accredited will give you a diploma that will certainly be recognized by good employers and good graduate schools.
Besides, while there may be new colleges that are striving to become regionally accredited and that are doing very good work indeed, there are also total fakes out there and odd places where everyone on the college faculty has the same last name and they have all earned their degrees at that college.
It doesn't take long to blow the smoke away and determine whether an online school has regional accreditation. Take the time to investigate and don't be taken in by substitutes.