A steaming light is not the same as a masthead light on a single masted sail boat. A steaming light is some distance above the deck, but not at the masthead, showing 225 degrees. A masthead or anchor light is a 360 degree light which cannot be used in conjunction with the side lights and a stern light, but could be used with the sidelights and no stern light while under way, under power, but not sailing, though I've not seen it done that way.
The USCG defines the 'masthead light' thusly:
Rule 21 - Definitions
(a) "Masthead light" means a white light placed over the fore and aft centerline of the vessel showing an unbroken light over an arc of the horizon of 225 degrees and so fixed as to show the light from right ahead to 22.5 degrees abaft the beam on either side of the vessel,
except that on a vessel of less than 12 meters in length the masthead light shall be placed as nearly as practicable to the fore and aft centerline of the vessel.
Elsewhere in the COLREGS (33CFR-84) is a requirement that it be 1 meter or more above the sidelights for under 12m vessels, and 2.5 meter or more above the gunwales for 12m but less than 20m vessels.
§ 84.03 Vertical positioning and spacing of lights.
(a) On a power-driven vessel of 20 meters or more in length the masthead lights shall be placed as follows:
(1) The forward masthead light, or if only one masthead light is carried, then that light, at a height above the hull of not less than 5 meters, and, if the breadth of the vessel exceeds 5 meters, then at a height above the hull not less than such breadth, so however that the light need not be placed at a greater height above the hull than 8 meters;
(2) When two masthead lights are carried the after one shall be at least 2 meters vertically higher than the forward one.
(b) The vertical separation of the masthead lights of power-driven vessels shall be such that in all normal conditions of trim the after light will be seen over and separate from the forward light at a distance of 1000 meters from the stem when viewed from water level.
(c) The masthead light of a power-driven vessel of 12 meters but less than 20 meters in length shall be placed at a height above the gunwale of not less than 2.5 meters.
(d) The masthead light, or the all-round light described in Rule 23(c), of a power-driven vessel of less than 12 meters in length shall be carried at least one meter higher than the sidelights.
There is no restriction against having the masthead (steaming) light at the top of the mast (the masthead - hence the confusion), and as I said before, my last boat had a 2-bulb unit that covered the 225 deg. masthead (steaming) function, and when you add in the 135 degree rear bulb, would cover the full 360 degrees to serve as an anchor light. There isn't a requirement that an anchor light even be at the top of a mast; only 'where it can best be seen', and there is mention in the 33CFR-84 that it can have it's horizontal sector be broken for up to 6 degrees of arc, at least as it applies to small boats.
The confusion in terms stems from the difference between the USCG's definition of a 'masthead light', particularly its performance and function, and the physical location on a boat of the masthead, which is the top of the mast.