Yes, but the market does care about long schooling when it is a requirement to practice the profession. That's why it drives up wages in Medicine and Law.
It only cares a little bit in some professions, such as humanities professors. They almost certainly went to school for longer than the lawyer did, but make far less. So the market value in this case is closely related to the work that is being done.
I agree with what you're saying. I was just trying to point out that strict education requirements (e.g. state regulation of the profession) do influence wages within the profession. Parent made a point about PhD waiters being paid the same as non-PhD waiters. But that is only true because restaurants have no requirement to employ advanced degree holders. By contrast, in Law and Medicine, you are legally required to have that education. The pay difference there is huge: a lawyer with a JD makes much more than lawyer without a JD. Because you can't even be a lawyer without a JD (under most state law).
My point is about the relative pay within a profession, rather than a profession relative to other professions.
The market still doesn't care. The requirements just create an artificial shortage of workers, hence driving their earnings towards the value ceiling.
It is said there is a real shortage of programmers, so programmer wages will also be moving towards the value ceiling; which appears to be $150,000 (though I think there is room for debate there).