My father is a photographer, and having worked alongside him on many occasions and heard his rants about the industry on the drive home, I definitely agree with you.
However if you asked my dad, he would tell you that the downfall of the industry came with the digital revolution, which allowed companies to hire their photographers in house, rather than outsource the work to more seasoned freelancers like my father. My dad had a pretty prolific career, particularly around the Australian music industry and was also involved with a few glossy magazines.
Nowadays he does family portraits and wedding photos in his local area. He loves photography and taking photos no matter what, but it’s clear to see that there has been a change in the industry and the issue you discussed in this piece appears to be the next progression in that change.