I have a CS PhD from a good (but not top 5) program and have published in top venues. I perceived my chances of getting a job at Microsoft Research (MSR) to be low (on par with getting a faculty position at a top place) and didn't feel like going through the unpleasant prospect of coming up with job talks and slides, sending off to universities while I'm at it, writing diversity statements, etc, for fairly low chances at getting something at MSR.

I could have gotten something at a 'lesser' place, but my guess is they'd be even more likely to be disrupted by budget cuts.

Even getting one of these roles though leaves you in a position where the next guy who wants to save money can just axe the whole division and then you're on your ass and due to a general paucity of research roles and high competition, this can be very, very bad.

I went bog-standard industry and the PhD probably didn't help much there. My industry job largely wastes my training and research experience. In retrospect, I was foolish to get a PhD and people choosing to not do so are generally making the right choice.