The only real rot I see in the PhD track is the dangerous imbalance of degrees to jobs in certain areas (not STEM usually, although STEM is pretty uncompromising for tenure track). IMHO in the humanities the PhD is some kind of sick ponzi scheme, where advanced degrees serve to subsidize tenured faculty's careers with little to no hope of going on to anything of their own. (I know STEM isn't much better, but it's a l…
I don't know a single reputable program that makes you pay for a PhD. Typically the salaries are subsidized through the school, that gets it's money from taking a cut of stem grants, donations, masters tuition, and undergraduate tuition. Saying that most humanities professors get their salaries by doing some sort of ponzi scheme of charging their advisees is just spreading misinformation.
And even some reputable programs will let some people "buy their way" if they don't qualify as for a fellowship/funding.