I'm pretty far from an academic, but I do believe you are overreacting a bit. It would be absurd to even imply that a PhD was the only route to original knowledge (insert patent clerk anecdote here).
However, original knowledge is one of the core tenets of an academic doctorate after all, and it's certainly one legitimate avenue towards original research and knowledge.
I don't know where the "Einstein had little formal education in physics" meme originated, but I'd like to kill it. Einstein was awarded a PhD before the publication of any of his seminal 1905 papers.
However, original knowledge is one of the core tenets of an academic doctorate after all, and it's certainly one legitimate avenue towards original research and knowledge.