PhDs are a research training scheme, not an academic training scheme. As the economy has become more competitive, and more of the population has bachelor's degrees, proven research skills (as well as proven skills at independent work, dealing with complex unknown problems, sticking at a long and difficult task for 3+ years to make a unique contribution, and solid evidence that you are at the leading edge of your field) are quite valuable in the industry job market.

Of the cohort of PhD students I went through with, from a rough guess (I haven't taken exact count), the most common role is now "startup CEO", followed by "engineer at enviable company", followed only then by "teaching and research academic".

The other side of the coin is that (in some countries) academic careers are changing, in that things are becoming more specialised between teaching and research -- funding crunches are pushing universities into letting teaching loads increase, while research grant funding is competitive largely based on "how many previous grants have you won" (which as it gets more competitive depends on having a lower teaching load to focus almost single-mindedly on research). A curious side-effect of which is that teaching posts are often continuing (there's a steady flow of students to teach) while at the start of a research career, research-focused staff may be on fixed-term contract (research grants are time-limited).

In other words, your family situation (how much you can move around to build a research career, how much you need a stable income) also has a big impact on your pathway.