If you're a graduating PhD headed into academia, you will be the boss of your group, with almost nothing above you in the org chart telling you what to do. So it is natural for a PhD headed into industry to start from a place of expecting the same---from their perspective.
But from the perspective of industry, the PhD's value isn't judged the same way. They've just spent six years doing research, not shipping code. Their management experience is managing students and classrooms, not employees.
So this mismatch results in a perception of "I'm being undervalued!" from the perspective of the PhD and "He's overvaluing himself" from the perspective of the company.
If the student and company don't have high social IQ to navigate this situation, I can see how it would result in no offers being made.
Source: I've made hiring decisions about PhDs when I worked in industry, and now I'm a graduating PhD student going back into industry, so I can see it from both sides.