> Theoretical ML: It's BS, literally

You say this, but I would argue most of the best people in the ML industry that I have personally witness posses a strongly rich theoretical background. Of course to answer very practical questions, I wouldnt maybe go to a theory book, or look into reading a texbook on algebraic geometry..... But the minds of those well-versed in theory tend to better understand novel situations and problems very quickly, and have a very adaptable mind.

So If a theoretician can correctly transition their "post-PHD" personalities to industry, I think they stand the best chance to be one of the most valuable team players, because for example "everyone" can code, or so they say, but not everyone can understand models in the depth of level as a theoretician.

For example if something isn't working, I would rather first seek the counsel of someone with a theoretical background working in industry, rather than someone who has only ever worked in industry, unless that person is exceptionally talented, and has something like 10 years of experience.