Well, no. My experience is that the technical interview is a noisy fizz-buzz. Good developers need to know algorithms and data structures, and be able to write code. If they can't even do that, they're definitely NOT a 10x'er.
If they can, the next part is fit. You need to get over both bars to be hired.
All of this is incredibly noisy, so part of what happens is you have to set the bar high, since 37% of the people you interview will perform one std. div. above where they actually are, and 5% will perform 2 std. div. above where they actually are. Setting a high bar means you lose a lot of good people due to random error. But the costs of one bad hire are EXTREME compared to missing a few good hires. So it makes sense to do that.
People take rejections personally, but in most interview processes, it's pretty random. You have a bar. You hire people who interview 1-2 std. div. above that bar. You might be perfectly qualified, and I won't hire you if you had a bad day (or even an average day). The risk is too high. If you're 1 std. div. above, I'm moderately confident you're qualified. If you're 2 std. div. above, I'm very confident. And having hired people, that's how it plays out: I mostly hire people who interviewed well, and their performance on a typical day is typically lower than at the interview (not always, but usually).
Hiring is about finding and bringing in good people as efficiently as possible. I'd rather interview 20 people, hire two I'm confident are good (miss six qualified people among those 20 who had bad days), than I would bring in 10 people and hire two of them.
And bad people still slip in. You just can't do that much in an 8 hour interview.
For startups, I go for personal recs and github repos. Does that mean I miss people who aren't in my network, and who don't do open source? Of course. But that's okay. I still find enough really good people that way. (And yes, my network IS diverse, thank you very much).
But big companies need standardized processes, or things get rife with discrimination, nepotism, and all sorts of other nastiness. That easy to avoid small-scale, but with 1000 employees, it takes one bad apple to land on front page NY Times.