Or because they are more interested in theoretical application rather than practical application. PhDs are where you explore questions that have unknown market

Or because they are more interested in theoretical application rather than practical application. PhDs are where you explore questions that have unknown market value. This is often interpreted as, "you can't hack it in the real world, so you hide in academia," and in some cases that is true. But really it has more to do with what problems you are interested in solving/exploring.