Wouldn't "companies passing on highly qualified candidates due to a broken process" be a self-correcting problem, where other market players with non-broken hiring processes would be able to scoop the talent up and gain a competitive advantage?
Over the very long run, this _will_ self-correct. That fact is cold comfort to someone trying to get hired today.
I've been interviewing for last 2 months. And every single company regardless of their size/location/industry had the same exact process. Phone Screen->coding exercise->interview street quiz -> whiteboard,bigO onsite interview.
I have like over a decade of experience and have 3 github code projects with over 1000 stars. But I have a feeling that companies are getting so many resumes that they don't even want to look at your resume before you have been screened. Its almost impossible to switch jobs these days without massive time investment, unless you are some sort of super star that can somehow short-circuit this process.