I suppose it’s a semantic difference.
In the startup world, being a generalist might mean “Python, Node, Go, some backend frameworks (Express, Django, etc.), HTML/CSS, some frontend frameworks (React, Vue), maybe some experience with cloud and devops, also maybe experience with GraphQL or gRPC, good knowledge of key/value stores and SQL databases, probably high-level knowledge of ancillary technologies like JWT, auth systems, a good understanding of data structures and algorithms, experience in optimizing queries, oh and also a little React Native and maybe Cordova.... <and so on, and so on>” (This is me.)
In a FAANG, one might be a generalist in something like “iOS” or “ML” and then develop a deeper subspecialty in that field.
To me, this looks like a specialist. But I understand that to someone who works at those organizations (FAANG+), a specialist is someone who developed a new language or exclusively builds compilers or does systems-level programming or something.
I suppose these are different vantage points. If you’re specialized enough, everything probably looks “generalist” to some degree.