I did use "FAANG and other top tech companies" as an example, but I'm seeing this practice expand out towards many other companies both in and outside the tech industry.

I myself work at a non-tech company (bank) and even with my team/department, all a referral will do is just get you to the leetcode interview and maybe a slight advantage if the final decision is between the referred candidate vs. another non-referred candidate with all other factors being equal.