They certainly would, and that's why it's a problem. The advert is not designed to find the best candidate. It's designed so that anyone who believes the requirements doesn't apply even if they would be the best candidate. The point is not that you need a masters degree (you don't if they'd accept someone without one); the point is to stop people who don't have masters degrees from applying because the team that wrote the advert don't want to work with people who don't have degrees even if they're as brilliant as Carmack.

Job adverts are filters. Some job adverts are written to encourage certain people not to apply.