JD isn't a terminal degree. There's two higher degrees I think.

MDs and JDs are professional professional qualifications, which makes their situation a bit different from purely academic degrees. For example the ABA acts kind of like a cartel.

I don't think I disagree with you, by the way. I'm just more unhappy about it. All of these sclerotic, even corrupt, institutions acting like aging vats for talented youth, all to exclude newcomers and to maintain hierarchies...they're not ideal.