Plus, if it's even easier to get PhDs, we'll just end up with even more people having PhDs and the status associated with the PhD will be even lower. PhDs are becoming relatively commonplace, and the vast majority of them are not in academia because either there's no space for them, or they're simply not good enough.
Meeting someone with a PhD is no longer surprising. It's not "wow, you must be a renowned researcher" anymore, it's "wow, you were able to do lots of grueling work for 30k a year, and now you're in industry doing what everyone else is doing".