Actually, it is worse. They probably have skin in the game, and incentives to reject! Most CS fields publish through a conference system. This is a zero or one shot system (if you get a rebuttal phase, _if_ you want to count that). These conferences have acceptance rates that they "need to maintain" to keep their rankings. In other words, you are competing against all other papers being submitted to the same conference, not just papers with similar topics. Even if it is only a little, rejecting a paper actually increases the odds that your submission makes it through.
But yeah, you're in the right ball park. This is also why you will quite frequently see conference review guidelines blatantly violated and why you will see area chairs and metareviewers just not care. They all have incentives to encourage rejection, let alone be impartial.
I think the system works when the community is small and there is accountability among peers. Accountability creates a dampening effect on bad behavior. But at scale, you only need a few bad actors to setup a feedback system and to not just spoil the entire barrel, but the entire shipment.
Could one problem with these kinds of reviews be that the reviewers have absolutely zero skin in the game? Like, you can write complete nonsense and nobody will blame you personally for it, you have no stake in the outcome of the submission/paper what so ever, and you're much more incentivized to come up with reasons to reject than to say "good enough". I realize the latter part can be good in theory, as it sets a high bar, but it also often feels like this goes awry when not kept in check somehow.