Having been through an hiring cycle recently and prior to AI, the entire process has been pretty broken for a long time, but AI is definitely breaking it (and a whole lot of other things) in new and novel ways.
The only reliable and high quality signal is a positive referral, but those are gated by your personal network, which may not be well developed.
> The only reliable and high quality signal is a positive referral, but those are gated by your personal network
That has pretty much always been the case, but what I've seen lately is even the referrals get put into the AI and then rejected before they're even looked at.