I suppose my point boils down to the following:
1) If you already love a company pre-interview (which can happen, by the actions of the company), then it makes perfect sense to take an interview. Even in the short lifespan of most startups, there can be enough action and culture shown that you can truly desire to work there / "fall in love."
2) Sometimes it's worth taking an interview to find out more information on both sides - a phone interview is useful, but as you say, IRL conversations are far more useful for the things you can't see on paper or hear over the phone. I'm not saying AirBnB did a great job with this - they clearly didn't - but that doesn't make all interviews useless. Without them, a lot of "bad fit" hires would be made.