The title is true if there is no meaningful selection or attrition process for your degree. Otherwise, I disagree strongly.

I think that one’s opinion of this article’s premise is really an index into what your program was like.

The full quote from the bottom of the essay is "Someone once told me: 'Degrees and licenses are just receipts for the money you spent on a course. The real value is in what you carry forward.'" which is a lot more reasonable.

I didn't spend a cent on my PhD.