Hm. So what's the alternative? I've tried to do research in a corporate environment, and am now in grad school: in my experience, it seems like getting a Ph.D. has a lot to offer in terms of teaching you how to do good research. I've learned a lot more about both my area and about the practice of research in general in graduate school than I did when I was working in a corporate research group.
I'm not convinced that working at a smaller company (or, since this is HN, starting one) would have helped, either. In fact, I'd guess would have been even worse. It would have been harder for me to gain access to advice and mentorship, there would have been more distractions, and the pressure to stay relevant to the goals of the business would have been even more intense.
Independent research? Though I agree, if you have to do it within an institution, something like academia is probably best, or maybe a blue sky research facility, if those still exist.
Graduate school has a number of extremely important advantages over independent research, at least when you're getting started:
1. Mentorship.
2. Easy access to the rest of the research community.
3. Access to resources: libraries, journal subscriptions, and, most importantly, funding.
I'm not convinced that working at a smaller company (or, since this is HN, starting one) would have helped, either. In fact, I'd guess would have been even worse. It would have been harder for me to gain access to advice and mentorship, there would have been more distractions, and the pressure to stay relevant to the goals of the business would have been even more intense.