I can put together a customized, good looking and genuine cover letter within 5 minutes + another 5 minutes of research that was already happening to determine if I wanted to apply.

You should always send a cover letter because it can't hurt, can only help, and therefore game theory or some shit.

Started looking a couple of weeks ago and it's hard to not get some emotional investment (if that's the right phrase) after putting some effort into a cover letter. That's even with the knowledge that one is likely to be rejected for most applications - so it feels like I'm draining some capital for each of them.

I totally understand your feelings. This was the #1 killer of post-boot camp students. Some undefinable capital was exhausted.

Because we've yet to define what that "tank" is, and because assigning a graduates likelihood to become employed to the depth of their "tank" was unacceptable, it was always taught to instead remove yourself as much as possible from every application.

Remind yourself for every one that a rejection will happen for any reason that has nothing to do with you. A lost resume. A position closed. You'll never know. Therefore, any emotional investment is wasted.

Gotta get robotic about it mang