One of the key killing factors is the sheer waiting time on a grant. It used to take a matter of weeks and months to apply for a grant and wait for a result on whether you got it.

Now, we're talking on the order of months to a year. Imaging telling a talented grad student who wants to work with you to wait a year to secure them a place.

This prompts a lot of researchers to pre-emptively apply for anything and everything at all times, increasing the needless competition and slowing down the vetting process immensely.