Medals are like assholes - everyone is one. Only you know if you really deserve the medal or if you really like being an asshole.
I had my fair share of medals and I watched their value decrease as my time in the Navy went on. I got my first NAM as an end of tour award from my first squadron when very few were awarded. I retired with 1 MSM, 3 NCMs, 2 JSAMs and 4 NAMs - which in 1998 was far more than most LCDRs. That first NAM was the one I was most proud to receive. Some of the rest I earned (one was a life saving award and one for a specific P-3 mission) and some were end of tour booby prizes. I do feel my S/F Air Medal was earned as I did get shot at twice in the process, felt I did a hell of a job protecting the grunts on the ground in Bosnia with timely reconn, and did direct more than a few point-nose guys where to put "bombs on foreheads" in the same theater. I felt my Persian Gulf patrols in 1988 during the Iran-Iraq war were more worthy of S/F Air Medals due to a much higher threat level (dodging Iranian/Iraqi dog fights, being chased by Iranian F-4s who had every intention of shooting us down, supporting Operation Preying Mantis, etc.) and the fact we did many things not done since the Viet Nam war by P-3s - however nothing was awarded. But the bottom line is I had really no input or control over any medal I ever received and it never entered my mind to fly my mission or do my job differently on the chance it might get me a medal. The same goes for 95% of the people I served with.
What many don't realize is that when guys like BzB, A4s and Cat were JOs, personal medals such as NAMs and NCMs were uncommon for JOs and not that much more common for DHs or XO/COs. It wasn't until the 1990s that it became common to see more and more medals on Navy guys. A lot of this was due to "Jointness" becoming the buzz word and making Navy guys competitive with the other service officers. I remember reporting into SOUTHCOM and being amazed at the medals on the Air Force and Army guys, O-3s & O-4s with multiple MSMs and Commendation medals - even a couple with LOMs. (Many AF and Army Generals did not think the Navy guys were any good because they had no or lower medals.)
As far as combat awards go, as far as I'm concerned anyone with one earned it. Especially the Viet Nam and earlier vets. Yeah we had some guys do some great, heroic stuff recently but on the whole, what has been going on in the air in the 1990s and 2000s isn't anywhere as hairy as it was for the Viet Nam guys let alone the Korea or WWII vets still around. When we go making broad stroke statements about the value or legitimacy of their combat medals, we're just talking out of our asses.
Many who deserve medals don't get them. I wouldn't be surprise if this is true for people who have posted in this thread. But that in no way takes away from the legitimacy, value or merit of those that are awarded. By knocking other's medals you are not deminishing their accomplishments, you are only diminishing yourself.