It’s certainly possible the author is a bad candidate, but it seems in bad faith to first argue that the author is bad because he doesn’t have an job instead of actually considering the argument.
I learned the tools I was told to learn. I watched the right talks. I followed the right people. I can point at a neat little row of experiences and say: I played by the rules you told me about.
The rules are, do well at your internship, and you'll probably get a job offer.
The author also seems to be saying that they are getting interviews, but no job offers. ("The interview loops still exist, recruiters still send polite rejections.") Another rule is, if you do well at interviews, you will get a job offer.
So, without putting any value judgment on anyone, this is what's happening. The author isn't doing well enough on internships and interviews.
So my advice is not "just apply to more places", but to do that and also practice programming in order to interview better.
I'd bet there are others. It's easy to imagine that "companies don't waste time" but companies waste time and money all the time. The bigger the company, the more waste.