> Having an "objective" process is near impossible
You're completely right here, however there are plenty of biases that can be avoided by attempting some level of objectivity.
> I doubt this process is risk averse
The risk-aversion is about avoiding hiring people that can't write code. You're right that it doesn't filter for character, which you will discover very quickly when working at larger companies! However a lot of the processes such as code review and design reviews help mitigate some of the bad character quirks that impact software. These processes are often not present at smaller companies, so the impact of character flaws is much larger there.
> Relevancy seems like a joke in your list
I'd say it's one of the most important ones on the list, especially for startups. When I was hiring for startups, I would get loads of people who could talk the talk but couldn't write a line of code. "Relevancy" means that your interview confirms that the candidate can actually code rather than just talk about it.