> Additonally, at least in CS/CE the number of candidates have skyrocketed, but the reality is most companies can limit new grad hiring to 10-20 target programs nationally and 2-3 local programs and get the talent pipeline they need.

Why? In my opinion a new grads can do good work and they take very low salary.

> can do good work

Doesn't mean will, and if their work isn't good the low salary isn't particularly beneficial.