That implies that their assessment of their hiring process is not in fact incorrect, broken.
Companies (as in its employees esp managers, processes, culture) do things that are not at all efficient, correct, in the best interest of the company all the time. Not to break out into another discussion - but the resent push to force employees back to the office could be seen as one such example.
> If companies thought they were missing out on too many good people they wouldn't do it.
that doesn't reflect my experience at all.
from the outside many weird things seem to have some deeper meaning and thought-out plan. But when you get an inside-perspective, you notice that often no meaning or plan exists, and the reason for the weird thing is something silly like "an important person made a suggestion, that someone else misunderstood, but also made it a priority", or "there was a good suggestion, but it wasn't implemented, because the person who suggested it, was in bad standing with the management".
