That wasn't meant to attract undue attention to it, only because the term has no universal definition.

Apart from economic issues I agree with your points. If someone expects the Ph.D. to pay off in straight economic terms, different story.

> ... guaranteed admit to a pro programme that will on average make them more money.

By "pro" did you mean Ph.D.? If so, not any more, not necessarily. The economics are changing, and the combination of rising costs and the fact that a Ph.D. candidate is out of the job market longer, conspire together to make it a less attractive option. There are cases where a Ph.D. graduate makes less money than a professional degree in the same field.

I'm not disagreeing (and I'm not sure I understood you), only saying things are changing and the claim isn't true across the board.