>They want people with solid experience, a risk-free bet that the new hire can execute the tech flawlessly. This often means insane job requirements [...] and an existing track-record of success.
So much this. I've seen job listings that say "DevOps" and they really mean "SRE" or "Software Developer to own the whole SDLC w/On-Call Rotations".
Of course, the industry is changig but I think the industry hasn't let the "lead-in" occur, which existed in times before, and carry-over into the new momentums. For example, requesting 5+ years' experience in enterprise-level deployments in Azure and/or AWS isn't precisely synonymous with 5+ years in OOP.
I think that the reason for adding to the insane job requirements is that they're trying to condense the whole SDLC down to three people - at most - (e.g.: a PM and two devs) and still produce Fortune 500 level code products for the world to consume; thus, making the actual intial cost overhead to produce the initial product much lower.
This is, of course, pure conjecture and you're welcome to tell me that I'm talking out of my ass but, as far as my interviewing experience goes - so far, they want someone who's owned a small product (from an SRE perspective) for a few years' time, which doesn't really "translate" across the industry, yet.
SREs might come from Google, FB, Twitter, MSFT, Avanade, etc. but doesn't seem to - as far as I can tell - translate to an industry standard, across the board.
So, you'll have a developer with 7+ years' experience with OOP and maybe does the full-stack but, because he's never been exposed to things like being responsible for the deployment of the product (because it's responsibility of another team at his company, to make sure it goes through a security review cycle, has been tested in tested pre-prod environments, etc.), he'll automatically be "disqualified" from being considered for the given position - because the company doesn't want someone who can learn it, they want someone who can do it - literally, starting the next day.
(Sorry for the long tirade but the insane requirements are only insane because we don't understand the rationale behind them; understanding the reasons "why" helps us determine how the whole sector is shifting to new "paradigms". <insert Office Space reference here>.)