It seems to me that instead of putting more effort into "sorting through the absolute flood of applications", or perhaps even finding a solution for that problem, HR just ramps the qualification bar even higher disregarding the possibility that higher education is not actually needed, and that talent is not necessarily reflected in any sort of degree. At the same time, it de-values higher education.
You absolutely expect employees having the "best" education, giving 100% and going the extra mile without actually willing to put up the work on hiring talent based on reality.
Ergo: AAA studios are setting up to fail finding talent themselves. Talent without university/college degrees rarely get a chance, so, with enough energy, they start doing stuff by themselves.