Academia is exploitative. The financial incentives are a symptom of the bigger problem. Is university career training for industry or for an academic track? It is not made clear to people entering the system, and is often murky to everyone years into a degree. There is encouragement for education for its own sake, there’s encouragement for education for a high paying career, and there’s encouragement to merge these two and enter academia in a professional capacity. There’s often a mountain of undischargeable personal debt behind it.
What people are typically not told is that financially stable academic positions are either political or hard to come by. It’s like professional sports: you can be a pro and just short of top notch and you’ll be playing in the minors for your career, making pennies. This could take the form of endless low-paying postdoctoral gigs, or the crown prize, an associate professorship with little or no benefits and a salary that just lets you scrape by.
In the meantime you are expected to pour your heart and soul into the endeavor. There is some reward in that but it is fleeting, and once you have committed to a career path the momentum to change tracks can be a real obstacle. Academia will suck you dry and demand more. Unless you end up with a tenured position at the end of that, it’s not sustainable unless you have another source of financial backing, like a spouse with a “real job.”
The US doesn’t really value education. Those who do are idealistic or exploitative, sometimes both. You’re buying into a deeply dysfunctional system and should at least go into it with eyes open.