I don't think it carries as much weight as it use to unless one has written a best selling book which enhances their credentials.
Economically these days there are many folks with doctorate degrees earning less money than those with bachelor degrees and even some people who dropped out of college or never went.
With the high cost of education the average person correlates it's value based upon financial success. There was a time where a well rounded liberal arts education was universally respected.
Today the focus in on specialist careers that are demand.
I have a cousin who is a single mother in her 40s, living with her mother, working on her doctorate and is close to being $100k in debt from student loans she began taking out during her freshman year.
Her doctorate will be in English. (I'm not sure it will pay off her loans)
She has a brother who never set foot on a college campus who is a long-distance truck driver. He paid cash for his home, has no children, no debt, and has money in the bank.
Does he deserve less respect than her?
Getting a PhD is a major accomplishment and personal achievement. Unfortunately these days it's not rewarded economically especially if the field of discipline is not in demand.