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There's a higher S/N ratio for UX architect, and it's a bit easier to bullshit your way into a job as a UX architect. Of the great UX people I've met in my time, none of them actually worked as UX architects.

Look to Facebook's design co acquisitions for precedent. I agree the strategy is great.

As someone who is officially a UI/UX Designer but plays many roles in a small startup, I agree with you, particularly in the case of very successful startups like Square. Perhaps the reason it isn't more common is that often times it takes an in-house designer or other advocate of design to get the rest of the company on board with good design as a company priority.