this is true overall, but for the last decade there have been many research-oriented positions at large tech companies for which the PhD degree is a formal job requirement. others don’t make it a formal requirement, but demand research experience which can be gotten most easily as a PhD student.

It's really not that simple. But it's fair to say that while a masters can often be a very straightforward training to get you ready for a particular job, you really shouldn't go into a PhD program without a good idea of a) why and b) where you are aiming for afterward. For STEM I would usually add c) someone else is paying for it

the competitive investment world has gotten a flavor of ever-increasing requirements.. it fits with a scarcity model they thrive in