I think this is because the cost of getting a masters doesnt make sense for someone with a CS undergrad who can easily apply to FAANG/etc.
Opportunity cost can be significant of course.
- Soumith Chintala (https://www.linkedin.com/in/soumith): Co-inventor of PyTorch; Distinguished Engineer at Facebook AI
- Jacob Devlin (https://www.linkedin.com/in/jacob-devlin-135ab048): Inventor of BERT; SWE at Google AI
- Yuxin Wu (https://www.linkedin.com/in/ppwwyyxx): Lead developer on Detectron2; SWE at Facebook AI
If we include successful entrepreneurs and CEOs, the list becomes larger still.
Of course, these examples are cherry-picked, but I'd be careful with your assumptions.
Many people who pursue Master's degrees in the U.S. are international students who didn't have the luxury to do their undergrad in the U.S., a large number of whom have gone on to great success in the tech industry. At the high end, M.S. in computer science grads represent the best and brightest of three groups: international students, PhD dropouts, and those curious enough about CS to pursue it at the graduate level.
But they are getting M.Sc degrees because part of the course involves learning how to "do research", i.e. the process. That apparently is a general requirement for students getting an accredited M.Sc degree. But it doesn't have to be original research... or even good research. Honestly, the whole program is sort of a diploma mill and given that students typically go into the program in order to retool and get a job in IT, they would be better served learning more focused stuff like one does in a boot camp than "how to do research". Or maybe a not-MSc degree, but something that indicates they're good enough to be junior programmers but are not really MSc level. The uni is trying to play the "boot camp" game while adhering to "academic standards".
I OTOH went thru a "real" MSc program from a much better uni (Edinburgh) and you absolutely had to have the basics of IT under your belt before taking that program.
E: Another point - I know people who do more complicated things when programming, the thing is, they are also able to do simple things. I'd be really uncomfortable about hiring someone to do something complicated if they couldn't do something simple.