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Because most PhDs are crap and would do nothing worthwhile even if funded to unlimited levels. There is no need to flatter the conceits of this crowd. 90% of them have far too high an opinion of themselves. I say this as one of the median ones from a โ€œtopโ€ school.
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Yea, I hear that. I never went beyond my bachelors for the same reason, but maybe that's just an argument to make better PhDs/schools? Certainly there's important humanities work to be done during a massive cultural / political shift, and little progress is being made.
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Replying to
I think the PhD is an obsolete mechanism. "Important" is doing a lot of work there. Even in STEM where the case is easier to make objectively ("cure cancer! solve climate!") it is dangerous to let self-absorbed people decide what is "important" on the public dime.
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