If someone has a physics degree & has been a bartender for a decade, that says something about them more than their field.
It's a thing or problem innate to the field as well (no pun).
At the end of the day many employers (especially recruiters) really don't know how to gauge the value of a Physics degree.
For the field itself If you really want to do research and the work most people think of when they think of Physicists, you need a PhD.
However, only having BS in Physics is maybe one of the worst STEM degrees pound-for-pound.
Breaking into engineering with that degree is tricky because degrees like Physics don't get ABET accreditation and that makes engineering firms legally liable if they hire one to do engineering work. You can maybe do some analytic work, but many times they'll just hire another engineer. Some do eventually break in, but it'll be a grind or many times they don't quite become an engineer but an "engineer". One of my best friends from college basically has this role right now.
Sadly, a large amount of Physics grads actually end up teaching high school. Some did break into tech taking advantage of the recent boom, but it's hard to go up against CS grads when the market looks like it does. Same goes for other engineering fields - a Physics major just has too much good competition to go up against for specialty roles.
Overall, it's actually a degree that financially isn't worth the hassle and many people in the field will tell you the same. You either make the change into engineering/comp sci or you go full-on to power ahead and get your PhD (which will lead to a less financially rewarding career in research). The funny thing is engineering R&D is where PhD Physicists will start to take over. If going for a PhD then Physics > all other engineering discipline PhD's.
It's basically the tweener of STEM degrees. Definitely not unemployable, but will require an open mind by employers and can be tougher when specific fields get more competitive. This basically leads many to the situation like OP's post states where they don't even end up working in STEM as a career. Physics majors probably make up a large portion of those stats.