Of course you will miss some good candidates and it's unfair to them. But as soham explained, it's a trade off. You might miss the best candidate, but you will

Of course you will miss some good candidates and it's unfair to them. But as soham explained, it's a trade off. You might miss the best candidate, but you will probably find the second or third best candidate spending significantly less time. It's totally unfair, yes, but it's obvious why it's happening and there's not much that could be done to change it. So while the candidate is losing on this one, the company is (probably) winning.