Is hiring broken now? How can we fix it?

I am seeing a lot of posts, comments, discussions about how hiring is broken these days. Every job has 1000s of applications within hours of posting, 90% of the people don't even hear back. Roles staying open for months.. seems to me like both sides are struggling.

I will share a personal experience - I was looking to hire a PM for my startup. In 4 days i got 3000 applications over LinkedIn and wellfound. Finally ended up hiring someone who came through a strong referral.

Are there any startups trying to solve this? Is anyone here interested in figuring out solutions? If we can come up with something viable, I would be interested to build it out.