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My theory is that companies tend to not have an actual process, or that if they do it still ends up in the bin of human biases that their process can't quantify.

There are probably obvious things like "crash and burned on a whiteboard problem path-finding" or "requested more than was allocated for the position" (would be nice if possible compensation ranges were required in the posting); but past the obvious disqualifications (which candidates should get feedback on) there's that 'fits with the (a) team' phase. Having an 'exit value', even if generic / approved by legal, would be helpful for everyone including internal company metrics that might drive a better posting if the job isn't fulfilled.

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