There is no reason to assume it is “more practical” or that it will increase utility for the student. Especially at the graduate level, the deeper you are able to explore a subject and the more you can connect that subject to a broader range of topics the more utility you get from the degree. Less time to finish a degree means you are less able to do that. I would think this will decrease the likelihood of new ideas being developed which will quickly become a problem for society in general. Also no one gets a PhD because it is practical, you get it because you want to explore a topic and push the boundaries of human knowledge.