Is tech hiring great? No. Is it the absolute worse it can be? Also no. Internship or apprenticeship instead of tech interviews are just take home tests that last multiple months, and that is a huge waste of time.
Yes, broken interview system currently rewards people who interview more, but when you combine it with other signals like resume, project presentations and other things, the chances of hiring bad candidates are low. Yes, you miss out on a lot of great candidates, but that is not a problem that big tech companies need to solve. Besides, not knowing the status of your employment 3-6 months down the line is not a great thing for candidates.