Academia is broken
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Sometimes Ciro Santilli regrets not having done a PhD. But this section makes him feel better about himself. To be fair, part of the merit is on him, part of the reason he didn't move on was the strong odour of bullshit oozing down to Masters level. A good PhH might have opened interesting job opportunities however, given that you don't really learn anything useful before that point in your education.
twitter.com/togelius/status/1584611702691483648:
The "real world" is full of people who couldn't make it in academia.
I failed in academia by Andy Stapleton (2021)
Source. 6 Dirty Tactics Found In Academia & Universities by Andy Stapleton (2022)
Source. Rise to the Top: The Habits and Mindset of Top 0.1% PhD Students by Andy Stapleton (2023)
Source. 
Profzi scheme by PhD Comics
. A Ponzi scheme that trains people in new skills is not necessarily a terrible thing. It is a somewhat more useful version than standard exam based education.
Perhaps the problem is "forcing" 35 year olds to go down that path when they might also want to have boring stuff like families and security.
If people could get to the PhD level much, much sooner, it wouldn't be as obscene: Section "Students must be allowed to progress as fast as they want".