I already told my manager that with the maximum wage (shown in the posting) and the listed requirements, none of my peers would even try to apply. Even if they were an extremely good fit for the actual job.
As a last pass CEO asks for 3 years experience of a tech launched last year that he's just finished reading an article about. :)
And to so many people operating that way it just seems practical.
I feel lucky with how I got my current job— even though it's a very large company and they definitely do operate in those fashions, my resume somehow made it directly into the hands of the Senior Manager and Lead Engineer for the specific team at the time. They brought me in to talk— no whiteboards, no brain teasers— just some technical questions and personal/professional questions and I was hired inside of two weeks— onboarded a month later.
Applying and [if I even get to] interviewing at most other places previous has left me feeling much the same as yourself...
Also the past few times I have seen the job posting for a position I've held, based on the job posting I'd assume I was unqualified. There's a bazillion buzzwords and technologies in our industry and it's difficult to account for how experience carries across related technologies (or not directly related technologies) in a job description. So employers end up just listing every technology you may touch and add an 'X years experience required'.
On the other hand, having worked with several engineers of varying backgrounds at my company and our partners I don't feel like an imposter at all in my actual abilities, knowledge, and performance.