I have a PhD in mathematical physics (in particular in algebraic formulation of QFT) obtained in Germany, after a master's degree in Italy (on discrete theories for quantum gravity).
I am currently employed as data scientist for a private company, where I have the opportunity to still carry on research in particular areas (mostly machine learning and algorithm methods for data analysis, which, strictly speaking, are not "physics", though). It is a lot of fun and I enjoy it; most of my colleagues have undergone the same carrier path, with PhD in physics/mathematics. Before I also spent some time as quantitative analyst for a bank.
This said, there are opportunities out there for academics having PhD in very technical areas, mainly as data scientists, data/quantitative analysts for private companies or research platforms, or the financial sector. It is also true that, although placing your foot in is not particularly easy, companies do like academics who are able to think, carry on ideas and projects, rather than just doing mere technicalities. Moreover, most of the times people who have done research are much faster in developing solutions and finding possible errors and bugs.
Therefore my opinion is that albeit finding a job outside academia is not the easiest, it is possible and does not have to discourage anyone from pursuing a PhD.
I would like to comment on few sentences of yours:
There are about twice as many physics PhDs as tenure-possible jobs in academia for them, and those who make it don’t usually get tenure.
Actually it is even worse: there are about ten times as many physics PhD as tenure-possible jobs, especially in Europe.
Physics majors lack the skills in life that others do, like engineering majors or math majors. This makes it very difficult to find a job where they are competitive applicants.
This is just completely nonsense. Physicists are exactly the most competitive applicants: they can be employed in any field at any time, despite the skills required, because they can make their own skills. I double dare you to find applicants who are more suitable, pick any job you want. Furthermore, I have never met any physicist or mathematician or engineer who lacks the so-called social skills: on the other hand most of them have been the most entertaining colleagues and co-workers I have had. If someone is weird or anti-social it is about themselves and is totally unrelated to whether they have studied physics, biology or nutrition for dogs and cats.