I do respectfully disagree with your point of view. Not that this is a topic I feel passionately about one way or the other, but for the sake of discussion, allow me to explain my thoughts.
Up to a certain point, there are similarities between philosophy and science. To strip them down, you can ultimately say each is a method for finding knowledge. However, the processes are very different for accomplishing these ends.
Science uses empirical knowledge, obtained through observation or experimentation, and applies it to various studies. For example, I can tell you water freezes at 32 degrees Fahrenheit by taking water at room temperature and lowering the temperature in 1 degree increments until freezing begins. But we can’t say scientific studies are ‘tangible’ because they aren’t always (i.e. theoretical quantum physics). But those studies are still based in empirical knowledge and applied on the broad sense, and the term ‘theoretical’ exists not because it is fictional, it is just that we have no current way of measuring.
Philosophy, on the other hand, searches for answers using ideas and reasoning that can be based in empirical knowledge, but does not have to be. Science cannot explain how one create’s a perfect society, but by building a logical argument off of the needs of a community, the physical and occupational roles of citizens, and the acceptance of commonly held beliefs, Plato was able to create an ‘ideal society’ in The Republic.
As for the name of the degree, I don’t know where that practice started, but I can venture a guess. When one obtains a Bachelor’s degree, such as in accounting (what I have), I have sufficient knowledge to obtain a job. If I were to return to school and earn a Master’s degree, I would have exceptional knowledge on the subject matter. Still further, if I were to obtain a PhD in accounting, then I would have the ability to not only know and master all of the work, but to have the knowledge to speculate on accounting theory.
Let me break it down in terms of mathematics. Obviously, the argument isn’t ‘to scale’ but I think it can serve the purpose:
Bachelor’s Degree: Can apply 4 basic functions (add, subtract, multiply, divide) to solve algebraic equations and calculus problems in time.
Master’s Degree: Can immediately recognize solutions to algebraic and calculus equations and understands what the solutions ‘mean’.
PhD in Mathematics: Contains all ability of a master’s degree, but also begins theorizing why algebraic and calculus functions behave the way they do, using finite examples to discuss infinite series/equations.
You see, at a certain point of schooling, you are able to take empirical knowledge and apply it to the purely theoretical. Not in the ‘theoretical’ sense explained above in the paragraph on science, but in the truly ‘immeasurable’ sense, and that is where one begins to ‘philosophize’.