Whether one thinks OP's question is imperfect or not, I think the list of downsides OP provides is accurate. Others have pointed out the positives. I don't know about most of your experiences in grad school, but it was pretty clear to me that students who wanted to go to the private sector or non-research government roles had better keep that to themselves until the end of the game.
And that is something that needs to stop. First, even at top programs, not everyone is going to get an academic job (or an academic job that dominates their non-academic options along most dimensions). And second, there are jobs that desire people with PhDs in economics. More programs need to have conversations with their students about these options. Some of us had jobs and life experience before grad school, but a non-trivial number of us go straight from undergrad, and do not necessarily have family or other connections that would make the various options available to us obvious.
So thanks, OP, for creating a thread where, maybe, some bro/ette who might not have thought about this thinks about it for a sec.