just as a data point to this. I worked for a PepsiCo, massive company. The position requires a PhD and you have to live in metro NYC, pay was only 80k.

So not just professors, but a lot of positions that "require" a PhD pay poverty wages when someone has given up any kind of earnings for 5-6 years developing skills getting a PhD.

There is a big problem with east coast jobs (mid-atlantic to NYC) from "older" companies that require tech experience and a PhD but do not want to pay accordingly because theyre stuck in an 80s mindset.