Or it leads to people consciously avoiding subconscious bias and actually focusing on capabilities, not what your lizard brain thinks.

Not if it's taken too far, as it will create new biases based around the "rigor" of the process. You end up "hiring to the process" as opposed to "hiring to the team / role". If someone doesn't have enough experience/knowledge, but they are clearly talented enough to learn on the job and look like they could accomplish great things, that person may be a much better fit than someone who knows everything but is terrible at executing or working within the structure of a large organization.

(the "lizard brain" is a myth by the way; I think you're confusing it with unconscious bias of heuristics, which is not what the triune brain theory was about)