The calculous is fairly simple. Tenure track and then have an easy work life but less money, or go to industry and make lots of money but work more. Nothing wrong with either but if you get rid of the upsides to academia expect to replace them with something. That's just how market economies work.
The issue isn't stem so much as the stuff where there isn't a highly paying industry sector. Those PhDs will have to go out of state for the same QOL as there will be no other competition to increase pay.