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I'm actually not for the idea. I fully acknowledge that the average inventor generates much more surplus for society than the average PhD, so it's not coming from a place of superiority either. I just want the P in PhD to mean something. I am not happy with the proliferation of doctorates of various kinds where the rewardee does not actually know how to think deeply about philosophical issues.
I would also be for a radical contraction in PhD's
That being said, I also agree with @south_korea_ln that there are too many useless papers, and too many papers that exist just to be a line on someone's CV.
Meh, it's usually better for my mental health if I don't think too much about the meta situation within academia, both on the research and teaching side.
I'm all for this idea, but Needlessly Pedantic Man does want to point out that these are doctorates in philosophy, not doctorates in making cool stuff.