That is being caused by exactly the same nonsense that has been happening in high schools. You have to get a high school degree. Why? No one knows. Everyone has a high school degree so you have to get a college degree. Everyone has a college degree so you need to have a masters degree. On and on until the whole thing is a diploma mill and society collapses under the sheer weight of puffed up do nothings grubbing at the controls.

It is not? PhD is not particularly necessary for anything except working in universities and few labs. People who do PhD do it because they want to do science, not because they would thought it is necessary.

On the negative side, there are too many scientists and professors who should not have been.