Bingo.
They want skilled work. An MBA says you don’t want to do the actual work, just manage everything - of which there are far fewer jobs. If you don’t already have extensive management experience an MBA isn’t a plus. If you do, you’ll be looking for more rare openings for higher level positions.
It’s similar to having a PhD, for most good jobs you’re overqualified and it is a negative. You need to fill a very specific role.
A STEM masters degree is a sweet spot.
I have an MBA. I went through an extremely awful time during the Great Recession. It sure didn’t help me then. I’m doing pretty well now, cut of course I have another 10 years’ worth of experience now.