It all ends up being a nasty feedback loop. (Especially) junior people in a somewhat tough market for tech end up spamming resumes so companies respond with pretty crappy algorithmic filters which basically somewhat randomly toss most of the resumes into the bit bucket. Rinse and repeat.
But per downthread comment, applicants don't care if their actions make things worse for the market as a whole. And it's not clear if they should as a one-turn game. (As someone else remarked, Prisoner's Dilemma and all that.)