Stronger: You're also rejecting more candidates. So you're not only wasting the time of 7 interviews, you're wasting the time of 7 interviewss times the N people you interview before you find one you're willing to hire.
And then, as others have said, there's the cost of the people who look at your hiring process and decide that they won't bother to try to jump through your hoops. Hint: They are not the least valuable candidates.