A Ph.D requires independent creation of new knowledge, and being able to go deep in a field. That's neither consensus, nor easy to evaluate academically. It's far more nebulous than most industry work. In many cases, they also require deep algorithmic and mathematical maturity.
A freshly-brewed Ph.D isn't going to be an expert in the mechanics of software engineering (e.g. setting up CI/CD, microservices, etc.), but will outclass most people with BS degrees in other areas. 5-10 years down-the-line, they will pick up the applied skills, while the BS won't pick up the theoretical skills.
Ph.D is also a signalling mechanisms: They were admitted, and they finished.
I'm not arguing for or against Ph.Ds, but your stereotypes seem grounded in, well, nothing. Ph.Ds have their problems, but those ain't them.