Anecdotes: I have an M.S. and mostly think it was a waste of time
For the last 15 years or so I've worked in environments with large percentages of PhD co-workers and have come away with this conclusion. Having a PhD seems to indicate that your brain was stretched to one side or another of extreme human thought and left very little in the middle.
On the one side, you've lost the ability to make concrete contributions to almost any project and are nearly incapable of delivering anything with any focus or impact. Junior staff significantly outperform you in almost every task and you seem to think the workplace is where you can come to pontificate and consider all the rest of the humans here are grad students you can badger around to do pointless and off-focus "research" that's really designed to get lots of papers written for you to take to conferences.
On the other, you can figure out how to perform pretty much any of the work of your peers, but can keep climbing the complexity ladder into abstraction heaven and then often bring fire down from the gods to push intractable problems forward.
I've never encountered somebody with a PhD who fit both categories and at times I've been caught in confluences of multiple people of the first category who made work life so unbearable I started having nightmares about it before quitting. People of the second category are rare enough that its often just more useful to hire people without PhDs if you don't have incredibly hard research problems to work on.
The problem is so prevalent that I've known several people drop out of PhD programs because they're afraid of ending up in category one.
One other anecdote, I've often noticed that managers with PhDs will have an incredibly huge blindspot for people in the first category and allow them to run roughshod over the workplace while penalizing staff with fewer credentials who nevertheless outperform their better credentialed coworkers in nearly every work task. It morale destroying and no amount of discussion or other techniques ever seems to overcome that blindspot. I've had people quit over more senior managers continuing to prop up obviously failed employees solely because they have "PhD" next to their name.
I've never encountered this phenomenon among managers without PhDs.
I'm generally incredibly unimpressed by a PhD on a resume. I care much more for a history of solid performance and delivery. But I'm definitely in the minority and have seen dozens of terrible candidates hired because of those three magic letters.
I'm so bothered by both the academic process of getting a PhD as well as the "product" I've encountered in the real world that I decided years ago that I'd rather pursue another BS or MS instead of a PhD.
this comment nails it far more succinctly than I have
https://news.ycombinator.com/item?id=19506719