All teams should be selective. But if you don't have a Google-sized brand and budget, you need to develop a clearer understanding of your teams strengths/weaknesses and needs.

This understanding will enable you to figure out which hiring criteria do you need to maximize vs. which do you need to satisfy and where the bar is.

Also, by interviewing more effectively, you punch above your weight by spending more face-to-face time selling your company/team/role.