`Are PhDs losing their lustre? Why fewer students are enrolling in doctoral degrees`
In many countries a PhD ends you with: poor pay, poor mentoring, poor work-life balance, no noticeable edge on others in the job market in the end (and about >200K in lost income - see poor pay).
Personally I don't (fully) regret my research career, but I made sure to have fun on the way. Many are not in this privileged position.