I also faced this issue while doing my local testing and did the following to resolve this.
To resolve this "Certificates do not conform to algorithm constraints" issue in SOAP UI, disable all "disabledAlgorithms" in java.security file. There are many places where disabledAlgorithms could be found in enabled state. So make ensure to disable at all places by searching the text in the file.
If your soapui has inbuilt jre (it means you have installed by running
SOAPUI exe downloaded from soap ui url),
then java.security file will be found in
%SoapUI-5.6.0%\jre\conf\security\ path.
If your soapui installed folder is missing jre folder, it means you
have downloaded SoapUI-..*-windows-bin.zip version. In this case,
ensure your Windows environment path has %JAVA_HOME%\bin configured
from your local jdk. Also look out for java.security file in your
%JAVA_HOME%\jre\lib\security\ path. Edit this java.security file and
disable all "disabledAlgorithms" in java.security file. There are
many places where disabledAlgorithms could be found in enabled state.
So make ensure to disable at all places by searching the text in the
file.
Whatever be the case, after making changes in java.security file, restart your soapui and then fire your soap request at endpoint.
Note: This is just for skipping/avoiding certificate issues for local testing and never be a replacement for production.
SOAPUI installers can be downloaded from https://www.soapui.org/
Older version of soapui can be found from https://www.soapui.org/downloads/soapui/soapui-os-older-versions/