It depends on what you mean by a good engineer. Fatigue is not the only constraint placed on a frame design. Cost, weight, ride quality, and manufacturability all weigh in very heavily. Good engineering means understanding how to balance these constraints knowing that you can't ever meet all of them. Just because a bike frame doesn't have an infinite fatigue life doesn't mean that it wasn't designed for fatigue. But a rough estimate is about as much as anyone needs. There are a lot of variables, and they're all stochastic. Infinite fatigue life for all outlying combinations is never going to happen. Some amount of judgement is needed to ballpark an "acceptable" life span for the product. Sure, you could design a steel frame to last forever, but the bike buying public has decided that it's not going to lay down several thousand dollars for a ten pound road frame.
Believe the numbers:
http://www.efbe.de/testergebnisse/enindex.php
EFBe has yet to test a frame made out of any material that didn't break break under cyclic loading at some point.