It's definitely true that poor candidates are on the market much longer than excellent candidates so they are over represented in interviews. I don't think it follows that the hiring process is broken though. I think it's just evidence that hiring is hard. The very best candidates are essentially never on the "open market."
I meant that it is broken at a specific organization if you end up doing an in person interview, they walk up to the whiteboard and do not know what a closing brace is. They should never have made that far through the organisation's interview process, unless that specific process was broken.
