I finished my PhD in 2016. Since then I have shifted to industry, a move largely prompted by seeing the absolute shit state of academia at the moment (in the US).

It's no longer a meritocracy. It's all about who you know (or who you don't), and in that sense, it's no different from industry. But salaries are looking inflated given the differential between industry and academic workloads. It's only a matter of time for academic institutions to enshittify as if they were private-sector entities, because most are effectively run like private-sector entities at this point.

I did my graduate work at a top-tier public university in the US. Most of its funding is now from ridiculous tuition rates and other ways to nickel and dime its students. Its administrators make money like a private c-suite.