I can get why managers think the important thing is to save managerial time. But as somebody who has just gotten done with a round of hiring developers, I believe this is a false economy.
If I can hire just one good developer, I'll have added thousands of hours of effort. If I can find one who settles in, it could be tens of thousands of hours. If I choose especially well, I'll get somebody who acts as a multiplier on those around them. If I choose poorly, I could get somebody who's net negative, making messes and driving away good people.
Given what's at stake, I can spend what seems like ridiculously large amounts of time on hiring and still come out ahead. Maybe if we were drowning in good people, I could still take the risk of tossing good people in the trash. But demand for developers is incredibly high.
Actually, I take it back. HN, y'all should definitely choose people only with top-3 CS degrees. Because then while you're all fighting over a small number of Stanford job hoppers with crazy demands, I can keep hiring the less obvious candidates, ones who are happy to stay for years.