That's absolutely not what I was taught it meant, or learned, or came to discover.
It literally looks like anyone can change knowledge, override it, mutate it, destroy it, falsify it.
I don't know why most people get PhDs these days, you are correct. But I know what it used to mean, and I hope it means that one day again, soon.
In the real world you have to jump through hoops no matter what you do. Ignorance to them is stupid.
We live in society, that doesn't make everyone a sociologist. It just means everyone who lives in society should at least devote some portion of their thinking to the contemplation of society, including institutions of education. People in academia are not omnipotently protected from the forces of society. If society doesn't value these institutions, they go away.
The Ph in PhD is important. It really is, and it's idiotic to let that distinction be viewed as something that's just, obsessed with a pedantic, tiny niche of no real consequence.
I've considered myself an autodidact for much of my life. I've also had a great education (MSc, only worked on PhD for one year and left school due to health complications). Comparing these two worlds is hard, but teaching yourself when you can be taught by others is the hard, long, and painful way to learn stuff. And you never know what you know when you only have your own knowledge to trust, checking against everything else, with no real stable, structured, foundational, 'stand on the shoulders of giants' mechanic for the discovery, pursuit, and application of truth / knowledge.
You can have some idea that the individual mind independently can be related to the entire body of academia like it's some metaphor for their functioning as an organizational entity, a super colony of minds that function like one - tested against the rest of the world - but that's oversimplified. Our own puzzled face, staring back at us. We are all part of one big system, but some stuff, distinction really does matter. I don't talk to many people who have PhDs that I know of in real life, just one. He's the only person who seems to really understand the absolute delicate fragility of, and the consequential burden - that comes with the discovery, creation, pursuit, and retention of knowledge, at least that I know of, in real life.
How does that relate to having an extra understanding of sociology, or philosophy? I honestly think my point is built into the experience I am relating, or at least I have to hope I can still convey that much, correctly.
Philosophy should be important to society, and it's a shame when it's not.