To make it more broader (and perhaps more useful), anyone with more than a certain karma threshold (e.g. 500) can also be allowed to post a job opening on it. A certain number of karma points (e.g. 50) can be deducted for making every job post. This strategy would keep it clean and free from recruiters, and since the post is coming from a 'accredited' HN user, it would possibly have a good chance being interesting and useful enough for most of us.
The additional problem this would solve is that it would allow job postings to be visible for longer durations than what's possible with regular news threads.
Just a thought.
But I can also see why PG would prefer to "positively discriminate" (ok, carefully chosen words there) to just YC companies on /jobs.
The issue of geography doesn't matter. What I'm saying is that this whole community is set up to support, promote and evangelize YC and it's portfolio so I'm not surprised /jobs remains YC only.