Depending on the type of job listing on LinkedIn, the applicant count can be wildly inaccurate: if the listing is external, they will often record clicks on the button rather than actual applications! Additionally, even when a company is using LinkedIn's ATS (Applicant Tracking System) you'll find that a great deal of the "applications" are just generic submissions from people who have not even reviewed the job listing. Even in the current job market, the number of high quality applicants who are worth interviewing is low and so a good application will stand out. Forget about the numbers, don't be discouraged, focus on the quality of your application.