I think the discussions here are missing a critical point. Just like those who mention that their colleague or friend who only has a BS degree or only graduated from high school are able to run circles around those with PhDs, there's a vary level of PhDs as well.
PhD means you've had and accomplished that formalized level of training. There are those who formalized training works very well for, there are also those who it's just not a good fit. That's fine. Just like there's a varying standard and quality of people around in this world, there's a varying standard and quality of people in PhD programs. Just by having a PhD degree simply states that you've gone through the program and learn how to do research. There's a major difference between how academia approaches a problem and how the industry approaches a problem, but what I've understood is that PhDs (in engineering) know how to expand and innovate in a much easier and more structured way than those in industry.
When generalized, most research I find in the industry is mostly "look I changed this thing and it's improved accuracy this bit more in my use scenario!" It's a bit less common to find papers or research done (Engineering-wise) in the industry that fully understands the benefits and limitations of the method improved upon, instead it's mostly "see, here I did it and now try it on your own and see if it works for you!".
All tools and methods can be improved upon or all models are inherently incorrect. I want to know the proper "surface area" that the method can be applied to and what the proper parameters are. Too many times (especially with some international papers) I've seen methods applied to problems that had to be "shimmied in" to make it work. It's like using pastebin.com as a CDN to store your ASCII data of a 3D model for your game (seriously, I've seen this happen...). I mean, it's not the right tool, that's not how it's supposed to be used, but I guess ok?
Source: I'm getting my PhD in engineering in Massachusetts. I've also co-founded a startup and am currently going through another similar experience right now with a "project" that we'll also be transitioning into a product. PhD is something I wanted after seeing what's in the industry.