I do think universities should work hard to communicate with their PhD applicants and students about their job prospects. Among my friends who did their PhD at

I do think universities should work hard to communicate with their PhD applicants and students about their job prospects. Among my friends who did their PhD at MIT, which was often one of the top-3 schools for their field, most of them who were having a good experience doing research were able to stay in academia and eventually get professorships, usually at a top-10 school for their field. But universities that are not in that top school range need to be communicating that the likely outcome for a PhD in their field is work in industry. There are a lot of industry jobs that involve reading research papers and doing research (with variation in whether you publish it), which are the key meta skills that a PhD is intended to teach. But it's doing students a disservice for a school that's not in the top 10 schools in their field to market to students that they'll have a job exactly similar to their advisors'. It's certainly a possible outcome if you're unusually talented and have a good advisor who has a reputation in the field and work hard for decades and get lucky with how your research is received by the field! But it's an unlikely one, and one shouldn't plan one's life in a way where you're going to be really sad if you spend a few years getting a PhD at that school can't find an academic job.