Students are not hired as tenured professors at any reputable college/university, which includes UofM. (Source: I taught at UofM when I was a PhD student long ago.)

New PhD graduates are usually hired into academia as assistant professors on "tenure track." Some schools will hire PhD candidates ("all but dissertation") as assistant professors. After five years, if they have a decent research record, assistant professors may be promoted to associate professor and may be granted tenure. Otherwise, they typically move to another school and try again. And after some more years, a few associate professors are promoted to full professor.

As colleges have added administrators, costs have risen markedly, and tenured faculty positions have declined. Forty percent of new PhDs graduate without a job. It's almost a pyramid scheme nowadays: Colleges gain prestige by having PhD graduates, but it's harder and harder for those graduates to find academic jobs.

Once in academia, pressure to publish leads to nefarious actions such as "p-hacking" (gaming statistics to make a finding look significant when it is not). And outside academia, including some STEM fields, a PhD can be a liability.

If you are considering a PhD program, keep this old saying in mind: "If you're smart enough to get a PhD, you're smart enough not to get a PhD."