"Masters degrees" as far as I linguistically understand means "mastery of subject", which is indeed the same language, though perhaps closer to feudal master/subject, which was more ethnic slavery in Europe than the specific iteration in the US. Maybe we do eventually change that one too. Higher education has the same problematic founding as everything else. Let's not forget that Harvard and many other top schools were literally constructed by slaves. As said elsewhere, this is very much about engrained subconscious defaults and norms and you've just highlighted another.
I think generally these are indeed small effects and you have to pick your battles, but I am always saddened when people spend so much effort fighting and arguing against these really costless changes. No one is saying to change overnight and break everything, but it costs nothing to slowly transition away. Those who argue it "changes history" I also find curious as those people seem to be doing a great job ignoring or denying the histories of the words in those same arguments.