Are those PhDs being paid with a decent salary? If not, I can’t agree with your statement.
PS. I did my PhD in an EU country where it’s treated as another researcher job with salary and benefits
In my case I was making $32K/year with a tuition waiver and health benefits around ~2000, in SF, which was barely enough to rent a shared apartment and eat food. The only way I could rationalize it is that I was maximizing my future freedom (job choice).
That just sounds like indentured servitude with extra steps.
I eventually tired of the process and moved to industry because the struggle wasn't worth it.
I don't know how they paid any of their accumulated (I assume) student debt, let alone had an even decent standard of living.