"The university is looking to hire several tenure-track faculty members in computing this year, he said, but competition for top candidates is fierce. I know of major departments that interviewed 40 candidates, and I don’t think they hired anybody." That doesn't sound like fierce competition if they were able to interview 40 candidates... Did they give them all high-paying offers and they all rejected?
It is hard on both sides. The entire process was about 6 months when I went through it, and I had offers expiring before I even finished all the onsites.
Disclaimer: I’m a CS prof at a R1 university in my first year.