Assuming the PHB can hire 10 junior devs or 1 senior dev at the same cost:
If you have 10 junior devs and 1 decides to quit, the PHB can swap him out fairly easily - he just has to wait for graduation day.
If you have 1 senior dev and he decides to quit, the PHB's hands are severely tied, especially if the company is located in a place where talent is lacking.
This is also the reason why mainstream languages will likely remain popular forever in the enterprise world - no one wants to take a chance on a language that only 5% of devs know.