Imagine you have strong interest from Google, FB, Uber, Amazon etc. Google wants to waive their interview process as you are an open source contributor (they actually read your CV and clicked on the links). FB wants you to lead some ML team they have doing cool things etc. Other companies beg you to work for them even if you don't consider them interesting, willing to overpay you and pamper you.
Now comes your unknown company/startup. In order to even talk, you require passing some HackerRank coding test. I look at your Glassdoor reviews, you either have none, or few, or your compensation seems to be low etc. You might be working in interesting area, maybe I should give you a shot? Or I just want to see what current crop of interviews in your industry looks like, maybe I agree on going through the process? Maybe I even visit some interesting city you are located in and scratch it off my bucket list?
In the end I won't work for you. I won't consider anything you offer. I've gotten from you what I wanted - glimpse of the area you are working on for more ideas, keeping my brain up to date to interview requirements, visiting city I've never been before. You wasted time and money on me. You didn't get anything. I puzzled your head because you thought you'd have a shot at getting me. And that is the best outcome you'd get from this; most likely I wouldn't even talk to you after your initial requirements and go with other choices available to me.