There's a great Veritasium video about this. The idea is that if there are far more applicants than positions, then even if luck plays a small role - say, 5% of

There's a great Veritasium video about this. The idea is that if there are far more applicants than positions, then even if luck plays a small role - say, 5% of the outcome - successful applicants are overwhelmingly likely to be extremely lucky as well as highly qualified. Since so many people are close to that 95% competence factor, only the luckiest - by whatever metric of "luck" you like - can succeed.