Not sure but does this do what you want?

Sub CreateSlidesFromMasterBullets()
    Dim oPres As Presentation
    Dim oMasterSlide As Slide
    Dim oShape As Shape
    Dim oNewSlide As Slide
    Dim i As Long
    ' Set the presentation and master slide
    Set oPres = ActivePresentation
    ' Assuming the master slide is the first master slide
    Set oMasterSlide = oPres.SlideMaster
    ' Loop through all shapes on the master slide
    For Each oShape In oMasterSlide.Shapes
        ' Check if the shape is a text frame and has bullets
        If oShape.HasTextFrame Then
            If oShape.TextFrame.HasText Then
                If oShape.TextFrame.TextRange.Paragraphs.Count > 1 Then 
                    ' Check for multiple paragraphs (bullets)
                    ' Loop through each paragraph (bullet)
                    For i = 1 To oShape.TextFrame.TextRange.Paragraphs.Count
                        ' Get the bullet text
                        Dim bulletText As String
                        bulletText = oShape.TextFrame.TextRange.Paragraphs(i).Text
                        ' Create a new slide
                        Set oNewSlide = oPres.Slides.Add(oPres.Slides.Count + 1, ppLayoutTitleOnly)
                        ' Set the title of the new slide to the bullet text
                        oNewSlide.Shapes(1).TextFrame.TextRange.Text = bulletText
                    Next i
                    Exit Sub 
                    ' Exit after processing the first shape with bullets.
                End If
            End If
        End If
    Next oShape
    MsgBox "No bulleted list found on the Master Slide."
End Sub