I would agree in the context of staying within the R&D field. However, I know more than a few people who used the extra years not spent doing PhD post-doc to develop their careers in a different direction (sales, biz-dev) that allowed them to stay in their field and shattered those glass ceilings. You can still do these things with a PhD, but it will be more difficult (people pigeon-hole you, and you're playing catch-up time-wise).

In the end I think people in hiring positions use the PhD letters as a screening tool for how strong a scientist the person is, without necessarily really evaluating the individual.

This is key. I've actually found that a PhD. is a relatively poor predictor of how well a person might function in an industry R&D role. Please note that I'm not saying it's a negative predictor. I've just found there's little to no correlation. I've worked with incredibly smart and capable people with PhD's and others who could not function outside of a low-consequence lab setting.