1) The field moves too fast to focus on a single thing for 4 years. A lot of people were devastated when ChatGPT essentially solved their NLP tasks.
2) Cutting edge NLP/vision research is being done in industrial labs as much as universities. And industry will probably outgun you with equipment (GPUs) and high quality data.
3) Pay sucks. You can make 3-5x working in industry. The opportunity cost could be a half million dollars.
4) You can get a lot out of a Masters in half the time or less.