Why do Protestants trust the Catholic Church?

Protestants don't say that the Catholic Church is a false church. They broke away during Henry VIII 's time. Sure, they don't go along with the 'holiness' of the Pope, but then again, non-conformist Protestants like Methodists and Baptists don't go along with the hierarchical system (vicars, canons, bishops, archbishops) that the C of E have.