[throwawaygh]

1. At least in CS, the role of a PhD is typically different. There are many groups in industry where entire orgs up to SVP are PhDs, and those groups are growing quickly. Hell, consider IBM Research, where thousands of folks have their entire management chain as CS PhDs all the way up to the CEO who has a CS PhD! The work done by PhDs in industry is different from the work done by people with bachelors/masters, even when they sit in the same group. This isn't true for everyone, but it's true for a lot people.

2. "you'll work with people who don't have phds" is also true in Academia. R1 faculty are research group managers. Almost none of their direct reports have PhDs.