In the case of many PhD degrees, you devote yourself to studying a niche topic in great depth for several years. In the end, employers might see that you wrote a paper like "Electron vortex beams with high quanta of orbital angular momentum" (picking some academic paper at random), and have a tough time connecting that to their day-to-day needs. So I understand why employers have been cautious.
Not to mention, a non-negligible number of PhDs are incompetent at doing anything hands-on. And even when it comes to research, many are experts at coming up with overcomplicated solutions to non-existent problems.