Big Co: there is some HR screener looking for keywords who hands a stack of resumes -- maybe a hundred -- to a hiring manager who has to quickly go through them and pick maybe 5-10 who will get a screen. If the screen goes well, it may go to a second screen or a full panel.
The thing to keep in mind is that interviewing bears substantial costs for the firm. You are yanking 5-6 senior people out of usually an overloaded sprint to spend an hour and then more time writing up a form, so basically 1 day of work. But you may have 300 people applying. That means if everyone got a full panel, it would take 1 year of labor to fill 1 position.
Obviously that's not possible, so the end result is going to be capricious for the person going through the process -- there's no way around that, as you can only have resources to do an indepth look at 5 out of those 300. So yes, interviewing sucks and you will often get unfairly ruled out for stupid stuff. We get it, but that's how it has to be and will continue to be as long as applying for a job is costless and open to everyone who can upload a pdf. It's just a bad equilibrium -- the more people apply per position, the more arbitrary the process becomes, which encourages more people to apply to many different positions to hedge their bets, which creates more resumes per position, etc.
For really famous firms like Microsoft or Google, they may get 1000-3000 applications per positions. Even if most of these applicants are unsuitable, they still gum up the works and add more randomness to the process.
OTOH, if it's a smaller company you don't get so many applying and they can afford to give a better look per resume, but then again it's going to depend on the job market situation. Still your odds are better.
Strangely, it's rare for the candidate to actually think about what it's like on the other side of this and take steps that make it easier to process their resume.
Stuff like: keep it to a single page, read the requirements in the job posting and include relevant experience/skills rather than a full dump of everything you did, etc. And never, ever, lie about a skill or experience. Try to make the resume easy to read for someone who has to read 100 of them per hour.