The point of most recruitment pipelines isn't to avoid missing a great candidate but to avoid hiring a bad candidate. There's many great candidates so missing some or many is fine. Hiring a bad candidate however is very expensive to deal with. Many smaller companies view workaholism and a potential to work 996 as a very valuable thing to hire for.

> There's many great candidates

Perhaps for top-paying companies, but that's never been my experience when I was involved in interviewing and hiring.