Maybe. I've always thought it would be interesting to make applicants pay an application fee. This would cut down on people "spraying and praying" with their application, and would lessen the workload for companies. It would also justify spending more time and effort in reading applications, since the company isn't just wasting resources reading bad applications.

Even under the current system, at least the waste is symmetric. I give up a few hours of my time, and the company gives up a few hours of its time. There's equity. The mutual work that the company and applicant do offset each other.

A take-home test model skews that balance in favor of the company. An applicant can spend 10 or more hours working the project. The company can run it through an automated testing suite and have a recruiter spend five minutes looking it over. The system is designed to waste more of the applicant's time and less of the company's.