Consider this. The number of doctoral degrees handed out in the USA in 1980 was just under 100 (per 1,000 people in the USA). That number is now at about 190 (per 1,000).
Academia has morphed into a legit racket. There is a place for academia in society for sure, but we are nearly double that now. Many of those doctoral degrees are worthless. The research is worthless. Smart people are wasting their time. Also, the value of a phd has been diluted. Less prestigious.
Hopefully the combination of the internet (infinite resources available to anyone anytime) along with the covid FUBAR situation will cull the herd in terms of traditional academic institutions. We need fewer traditional students, fewer PhDs and fewer schools. This will be a better allocation of our collective time and resources. Learning can be more efficient, targeted, less costly, higher quality, more relevant, etc.