Firing a bad hire can be just as or more expensive than hiring them in the first place.
I agree with your overall points- especially with regard to respecting your candidates time. You do need to verify that the relevant information they provide is correct however. You wouldn't make a significant investment in finances, buying a car, marrying someone, or go into business with someone if you didn't trust that you have a decent understanding of what you're getting into.
Then again, if you do, it's a lesson you'll learn rather quickly. Respect yes, blind trust no.
Presumably this is partly why hiring is expensive. Not that I'm sure it's really that expensive in the big scheme of things. The problem isn't the process being difficult per se, it's the process having poor predictive power.