Is this indicative of a bad job market, or instead perhaps a bad fit between the perceived skills/value the persons belives themselves to have, and the view of the recruiters?
Anyway, I think if they've applied to 400 places in 3 months, they're probably using more of a shotgun approach. I always got better results when I researched the company and customized my application to what I thought they were looking for.
In the market that I'm seeing in London UK, everyone seems desperate to hire at salaries that no longer correspond to the cost of living. I don't see many actually putting decent numbers on the table, suggesting 1) they aren't that desperate or 2) those that are putting these numbers down have no trouble filling their positions quickly and they don't stay on the market for long.
Keep in mind that in most places, taxes have yet to adjust for inflation, and/or the government services funded by those taxes degraded beyond usefulness meaning you now have to use your after-tax take-home money to pay for services that you used to rely on the "free" (paid by your taxes) government-provided service.
(I took the Roblox offer and am happy with the decision. :) )