Even taking the tiny bits of the resume that are "hard signal", like GPA, certifications, prior roles, etc, it doesn't translate into their performance in the initial screening interview.
This is why what I think the industry sorely needs is examination consortia.
Rather than trying to guess capability from the name of the university they went to, leading tech companies creating standardized tests in various fields, and your test scores form your "resume", so that developers can just focus on improving their scores rather than wasting time on resume/application/repetitive-screening toil.