The original slogan "It is better to reject a good candidate than hire a bad candidate." specifically says to make that fallacy.
As long as good candidates are rare, and bad candidates have a small-but-nonzero chance of tricking you into hiring them, it's very expensive to pass on a good candidate.
Even if you pass on 50% of the good candidates (no matter how many bad ones trick you), you're doubling the amount of time you're spending interviewing.
The only way to be sure about how many "good" candidates your are missing is to hire some random percentage of the people who fail your interview. Only a large tech company would have the resources to do that, and I'm not sure if it would be ethical, or even get the employer in legal trouble.
NO employer knows how many good candidates they miss out on, which makes this analysis very difficult.
Also, I question the ability of most employers to evaluate employees AFTER they are hired, so any analysis of post-interview performance might just be reinforcing whatever biases are present.
Also, candidates fall into THREE groups: great, mediocre, and toxic. The catch is that the toxic ones are most likely to trick you into thinking they're great. That makes it even more expensive to pass on a good candidate.