I get contracting and fulltime job offers all the time through it. Many are junk, but one led me to a huge raise and better job at a company I am now thriving at. Separately from that I have been contacted by several local startups inquiring about my availability. It definitely drives investigation and starts conversations.

You have to build out a good profile though, both to trigger showing up in searches and also to make your profile interesting enough to read. The eye will just skip over a big list of jobs with no content (explanations of what you did or produced). Reshuffle sections to have it look solid and engaging. Profiles can feel warm or cold, and a "warm feeling" profile will get a lot more views and contacts.

At the startup I work for, we use LinkedIn all the time as a way to check out non-technical hires. It was the same for my previous company also. It's also a good way to scout for any shared connections in case you want to get a third-party opinion on whether someone would work well in whatever position.

I have not been, But my wife was offered an interview (Which led to being hired of course) based off of her LinkedIn profile.

I have about 1 recruiter a week asking me to apply for a job, I never do though...