The problem is not that the current system is broken in any way. The system is improperly optimized. It's designed around getting as many potential applicants

The problem is not that the current system is broken in any way. The system is improperly optimized. It's designed around getting as many potential applicants as possible to maximize the chances of X amount meeting the particular skill and level you're looking for. There's areas for improvement, definitely, but every company invests significantly in finding a single candidate to maximize the return from the candidate turned employee. I'd even go so far as to say it's decidedly optimized for recouping the investment in employees by offering a small percentage of the total expected value up front for those that can provide the proper candidates. However, I'd really like to see the whole process upended and brought more in line with modern capabilities.