Very true.

Most programmers in NYC could get a raise going to Wall Street. They don't do it because they don't like the abuse.

Most Physics professors could get a raise going to Wall Street. They don't do it for a variety of reasons.

It's about more than money.

But... The core of the story is true. There's a systemic problem with the Phd market. Every school and professor has an incentive to churn out more than the market needs. Like any career choice, people need to go into this with open eyes.