The value of a Ph.D isn't in the knowledge you learn or papers you read, it's in demonstrating the ability to take on a vaguely-specified original research task where you can't see the eventual outcome at the beginning, and drive it forward until you come up with something useful. All without having the support of other people who actually know what they're doing to guide you.
Fair, and I think it's pretty obvious that the education of a PhD (including the meta-education of having to teach yourself how to solve a new problem) is quite valuable, and that it's relatively rare that a person gains that outside of a degree program.
I don't like the hypocrisy and inconsistency. There are a lot of jobs that (even if the work doesn't require it) expect an advanced degree in the better jobs, but refuse to ante up and pay for employees to get them. If they really thought that the education was important, they'd hire people without the degree on condition that they pursue one, and pay for it.