I like the point about how randomness seems to be such a big part of the process. If you're not using connections and are applying through normal channels, to me it seems like there is so much that can go wrong that isn't related to your ability to do the job. Maybe the recruiter had a bunch of email that day and missed the application. Maybe the person who screened your email didn't like the font or design of your resume.

To me, one of the big problems in the process is the lack of a feedback loop. Since recruiters and interviewers rarely give honest feedback (probably for good reason), it is hard for an applicant to know if they're applying to the right jobs or not. And faced with this lack of information that would otherwise allow you to be more effective and only apply to a few jobs that would be a good fit, the strategy becomes just spamming your resume everywhere until you get a response. On the company's end, this means that you have this extra mass of applications of wildly varying quality because no one has a clue what you're really looking for.

How could this feedback loop be improved? I'm not sure.