I probably know more psychiatrists than you do, so I'll offer a counterpoint: Outside of starting your own practice, nobody will pay psychiatrists to do talk therapy when they can pay somebody who didn't go to medical school to do it. For this reason, we end up doing mostly medication management, but at a good clinic this is as part of a team of social workers, psychologists, occupational therapists, etc.
Ironically, most US readers of HN will never have seen such a clinic, as the only places actually staffed this way are things like county mental health departments in states where they can get funded.
So, anyway, psychiatry training REQUIRES that each of us provide many hours of supervised psychotherapy. Some training programs are better than others, but we all graduate with a working knowledge of psychotherapy. Many of us have less opportunity to use it than we would like.
Which brings me to my final point: it's not either / or. That's a false dichotomy. It's about the right tool (or combination of tools) for the job. There are plenty of problems that there is no pill for, and a few problems that no amount of talking about it is going to fix. Horses for courses, and all that.
edit: I'm sorry to see you are getting downvoted. I think many people arrive at the same conclusion you have, based on their experiences. I can totally understand how you arrived at that opinion.