Honest question: do people actually apply to jobs because it piques their interest? I pretty much just... need a job. I'll assess whether I want to join based almost purely on the team - if the team doesn't feel right, I'll skip.
I don't apply for any jobs that require a cover letter. There's already enough information asymmetry and the effort required from the candidate is a lot higher than from the company as the company can distribute the work across multiple employees. A cover letter is a way to shift even more work to the candidate.