I think that the reason it is so asymmetric is because the normal company runs on multiple employees, which means that if they can't find one more person right now business still continues.
But the normal person only has time for one job, which means if they can't find one, they go hungry (so to speak).
The desire for employment is asymmetric and therefore the power accrues to the party with less desire.
Well the company can only accept 1 person for the position, whereas you are most likely willing to accept a position at a number of different companies, so there's an inherent asymmetry there, no?
Ideally, the company should only push onerous application processes to applications once the list has been whittled down a bit, or only push them in cases where the results will actually be reviewed.
Of course then not actually looking at the applications is a violation of at least the spirit of the law. Sometimes also the letter.
From the outside, you just don't know. Very unfortunate because it creates hope for people who, in some cases, don't have any chance.