Earlier quoted context omitted.
Yes, but the market does care about long schooling when it is a requirement to practice the profession. That's why it drives up wages in Medicine and Law.
It only cares a little bit in some professions, such as humanities professors. They almost certainly went to school for longer than the lawyer did, but make far less. So the market value in this case is closely related to the work that is being done.
My point is about the relative pay within a profession, rather than a profession relative to other professions.