Every student considering going to graduate school should read this article. Professors are very misinformed about how likely someone is to get tenure (most of them got it > 20 years ago, in a much better academic job market). This misinformation trickles down to students. The simple fact is that right now the average professor is graduating more than 10 phd students, only 1 of which can become a tenured professor at…
As you note, academia has become increasingly exploitative, even when most individual professors remain well meaning.
In addition, many people considering grad school or who have recently begun it seem not to know quite how bad the situation is, or quite how bad it can be to be in your 30s and to have effectively wasted the career part of your 20s.