1. AI ATS systems have made posting jobs "cheap", such that too companies post jobs that don't exist (ie "ghost jobs") to keep up appearances they're hiring or just to keep people in the pipeline in case they hire. This is a huge waste of everybody's time and should be illegal;
2. The hiring process itself gets increasingly Kafkaesque. AI screening, automated online tests, unpaid take-home work, etc. You have to get pretty far until a human gets involved. 10+ years ago this didn't happen because people needed to be involved much sooner and that's expensive;
3. In a lot of companies, getting employees to interview people is unpaid extra work effectively. They say it's important. You might even get dinged for not doing it. But anyone who has done it realizes pretty quickly a bunch of people who shouldn't get interviewed are getting interviewed and management doesn't care, even though employee time is expensive, because you essentially have to "make up the time" so it's still "free";
4. Even if you go through all that and get hired, you get laid off within a year such that income isn't dependable and you end up wasting a ton of time on the job-seeking process itself.
I've been thinking about this recently and high-information is part of the problem. In years long gone, it was hard to reach applicants so you'd have a small pool of higher-relevance candidates applying for a job. Say 10 people applying for 10 jobs. The odds were better. It was less work on everybody's side.
But now you have 200 people applying for 200 positions. This wastes everybody's time but the problem is that companies have offset this by pushing filtering onto these automated systems. People still need to enter all their bio information, etc. So it's just much more inefficient inherently even if the job opening is legitimate.