"I was reading up on your company, and came across a podcast interview with your CEO/your CTO/the hiring manager. She was talking about the company culture/goals/story/challenges and said something I really identified with: X. This spoke to me because my own track-record/philosophy/goals include X. For example..."
At least, I try to use it to show I've done some pre-work to ensure a good fit
Of course, if a person is applying to hundreds of positions, they likely haven't done that pre-work, so that person would have nothing to say
If someone isn't that interested in that specific job, and would take just any job, they shouldn't do it, but someone who wants that specific job more, will
That's one risk they take by adopting the scattershot, "impersonally apply to so many jobs simultaneously that you need AI to automate it" approach. Another one is getting a job somewhere that ends up being a bad fit.
Hah. I have done exactly this. Personalized story, breaking down my interest and background (not just rehashing my resume), putting something coherent together.
And, bluntly? I'm an excellent writer. While I may not be cranking out Booker or Hugo award winners, I know how to craft something.
Ninety per cent of the time? Crickets. It's profoundly demoralizing.
It's because generative AI writes generic "say-nothing" letters. They're impersonal, don't say anything substantive about the candidate's skill, and read like the uncanny valley version of written text.
As the OP said, they're just a waste of time.