Universities have a perverse incentive when it comes to producing doctoral students.
University departments are bureaucratic systems. A bureaucratic system's primary objective is to grow. It may take 20 undergraduate students to 'make' a class. It only takes 10 masters students and 5 doctoral students. The more classes that make: the more professors are needed: the bigger the department.
This means the fastest way to grow your department is to increase the number of doc students. Since almost every Ph.D. is an industry-useless research degree, this, then, leads to the glut of researchers we see today.
The solution has already been hit upon by business schools. The AACSB accredits only 120 universities to produce doctoral students. Of those each field (accounting, finance, marketing, management, information systems) has about 80 universities that are accredited for that sub-field. Each field graduates about 3 students a year. Without an AACSB accredited professor-pool it is hard for a business school to get AACSB accreditation. But why does the business school care?
The masters program produces a degree that is valuable outside of academia and a premium is charged for it. While accreditation is no guarantee that your business school is good, if it does not having it you can be almost certain that it is bad. The MBA is NOT a research degree and in no way prepares you to be a professor.
What is needed is for the highest caliber departments (in each glut field) in the US to join together in an association. The association limits how many doctoral programs are accredited. The association maintains the highest standards for undergraduate, masters, and doctoral programs. The association limits how many doctoral students are admitted relative to the number of research active faculty in a department.
Combine this then with a masters program that is entirely focused on practical work in the field. Do not give doc students a masters and do not focus on research skills that are not valuable in industry in masters programs. Presently: Nursing, Business, and Engineering are all viable directions to go for someone interested in research and teaching. Perhaps you notice a pattern?
And the pay? 150k is not an unheard of starting pay for an assistant professor of accounting.