Second, not everyone is equipped to earn a PhD by significantly advancing our knowledge in a useful field. In fact, the majority of people are not.
Third, the demand for degrees — due to the idea that everyone must go to college, and misguided subsidies to make that happen — already far exceeds what colleges are able to supply while still being achievable by the majority of their customer base.
The result has been degree inflation, cost inflation, and a huge number of useless workers with useless degrees unable to pay off their crippling college debt.