It has worked for me so far in my 15 year career.
So the interviews were more about finding out if I would fit within the team than hard technical interviews. People knew me, and knew what skills I brought to the table.
Your network matters. And if you think it doesn't, stop, think again. Your network matters.
One final note. I have interviewed people. Never oversell yourself on your resume. Don't put down that you are an 'expert' at this or an 'expert' at that, unless you really are. Because you just may end up being interviewed by someone that is. And nobody, absolutely nobody, is an expert at fifteen different unrelated things. Don't do that. I have been doing this for 38 years, and I am pretty good at about five things. And those five things that I am good at have changed on a regular basis since the day I started.
You have some good friends are they are high up the chain I guess.
I then joined the next company when the people who started that company started a new one.
When that startup failed, I was going to take a break and maybe start my own company, but a guy who had worked for me at the failed startup invited me over for margaritas and to check out his new company he had joined, and next thing I knew I had accepted a job offer.
I have been at the last job for almost 10 years.
I now have a ton of connections from people who I worked with and they then left the company. I am sure if I was interested in getting a new job, I could put some feelers out and have some offers right away. I have had people try to recruit me, but don't have much interest in leaving my current place.
I don't think my experience is that unusual. It is so hard to find good talent, sourcing from people you have worked with before is extremely valuable.