You picked an example to support your conclusion in mentioning QA jobs which typically don't require a PhD. There still very much are other jobs that do require a PhD so I don't see what the point is there.

More fundamentally this mentality of looking at education only through the lens of financial return is just so disappointing. Of course your country is self-sabotaging its science system if it's full of people who think that way.

I can pretty safely say that me and most people around me, when we got our PhDs, what job we'd later get really wasn't the primary concern.

We wanted to work on interesting problems at the frontier of what's known (and maybe also get a job doing that later).