I think maybe it suffers from the same problem of the video game industry, that being that there's a never ending supply of people trying to get into the industry that has only the slightest relationship to the demand for such roles.

In the videogame industry, this mostly led to a bunch of low paying, long hour, lousy jobs with high turnover. Why pay more for a low level employee if you can get a new hire for cheaper? In academia, money is a little less hierarchical, so it led to a madcap fight for grants with all of the related downsides.