As a counter point, my experience has been that once the thesis proposal is complete, the PhD graduation is practically guaranteed.
There was high attrition in between this step and getting the PhD.
The other end, where the student is basically done except for the writing, is less risky. One reason is that professors are strongly discouraged from letting a student fail a thesis. When I was ready to defend my thesis, I had to get permission from my committee to do so, and their signature indicated that they considered my work to be defensible. So the defense was in fact a formality. Failures at that point, that I know about, had to do with students getting caught fudging their work.