For some jobs, sure. But what I really think it suggests is a power asymmetry. A company can do without 1 worker much more easily than a worker can do without 1 job. Plus, current processes let hiring managers feel powerful. Given the high percentage of hiring managers who are social primates, I expect that's a big factor.

In tech, though, you hear endless complaints about how hard it is to hire, so I didn't hesitate to optimize the process for interviewee happiness. I expect it would make people more likely to apply, more likely to stay through the process, more likely to accept an offer, and more likely to refer friends.

Regardless, there's enormous waste to be removed from the process for anybody who's willing to put a little thought and work in.