If anything the risk is for the employee. But if companies stop trying to be Google and stick to their actual level of prestige, employees wouldn't have to do a multi week/month interviewing marathon just to get a foot in the door, and it balances out, easy to get your foot in another door.
I don't know if it's cargo culting, ego, or what, but non of the hiring practices so many companies carry out make sense. Pick top 10 resumes, spend 2h interviewing each, offer 3 month trial or at-will hire/fire your top pick. Saved you 50-100k in recruiter costs.