Applicants could organize in a guild. The members can rate each other in a friendly environment with constructive feedback. Then, the guild knows who are the best matches for a given job. Employers at first communicate with the guild and only have to evaluate 5-10 candidates. All interviewed candidates pool their knowledge about the employer so the next suggestions from the guild will be even better matches. Medieval…
The main benefit of our current system is that it's very equitable. I'm the furthest thing from an SJW, but I do believe that in essence, the current way we interview helps people at the lower rungs of the ladder. People with no CS background can learn and if they pass the test, they can work at a FAANG. There's no guild, there's no politics, there's just performance on a well-defined measure.
It's not the greatest system, but it's also extremely fair and gives a shot to people who wouldn't normally get a shot.