Academia is falling, and also increasingly does little for students in terms of career prospects. Industry is just a different ball game. It's interesting to see how far removed PhD students are from the real world once they come into a job. The appeal is fading, and institutions are also losing their touch as they become more expensive with less curriculum (essentially undergrad is just a 4 year social experience as a consumption good). I can still see the value in college, but it definitely doesn't really help prime you up for industry.

‘I don’t want this kind of life’: graduate students question career options – https://www.nature.com/articles/d41586-022-03586-8