Yes, it seems that most companies misrepresent their requirements in job postings. It also seems that most candidates misrepresent their skills in responding to those job postings. There's a certain symmetry there.

Employer: First job out of school pay, requires four years of experience in our exact tech stack.

Candidate: Sure I'm willing to take first job out of school pay (BTW, just graduated in May). Yeah, totally have 4 years of experience, and what do you know, it covers exactly your tech stack!