Mine ended when I realized professors were graduating more than 1 PhD student apiece on average, and that I’d almost certainly need to wait for someone to die before I got a job. (Ok, die or retire, but profs don’t just retire at 65.)
There were 50 PhDs graduated in the time I was at my alma mater, there was one opening for one tenure position.
At my work (state University), we hire at least 4 faculty a year, graduate between 15 and 20 PhDs a year, and have a policy to not directly hire and of our own PhDs into faculty positions right after graduation. They need to first work at another institution as faculty or lecture. We have at 3 faculty which completed their PhD in our program. I think we have around 40 faculty.