The only way to test actual work is to do actual work, should be obvious but here we are.
In the best case applicants needs to apply multiple companies. Companies need to interview multiple applicants and have a way to compare those applicants.
Those are the most basic constraints I can think of. How do you make that cost tens of hours for each round?
For me as a job applicant even in the best case I would need to do 3 to 5 interview interviews. The same is true for companies in the best case it will take at least 3 to 5 interviews to find somebody. Are they supposed to have 3 to 5 temporary staff for weeks at a time?
How much time should that take per interview? How would somebody that currently has a job manage that kind of time commitment?
What changes to expectations are you talking about?