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I mean it's somehow a big part of it. I don't think we qualify external experience well. I had a similar experience. Had an MSc, and around 5 years of full time professional experience (including a leadership role), as well as years of part time sales (and supervisory) experience prior, and I was levelled the same as bachelors grads with 1.5 years in Google and no previous experience. I've had multiple "quick" promotions but from a YOE basis I'm no where near where a Google-first-jobber is on the same YOE.
I’m tempted to leave for this reason, but WLB is too good and I can’t even bother picking my laptop to create a resume. This bothers me but not as much as I thought it did.