What you describe is not particular to CS. It's the same in every field. However, most people don't view PhDs as a money-making endeavor. IMO, that's a good th

What you describe is not particular to CS. It's the same in every field. However, most people don't view PhDs as a money-making endeavor. IMO, that's a good thing. And no, most of the important work does not happen exclusively in the industry. Academia is very valuable, just not for the same kind of stuff.