That's true to some extent, but I am quite sure even the worldest-of-class engineers have tripped up on a question or two and went on to get a rejection. If such people truly are talented then they'll have no trouble getting hired elsewhere and the companies in question would be blissfully unaware what they missed out on.
I am not sure the failure of any company has ever hinged on the hiring decisions of a few developers. If you take a look into the downfall of Sears you'll see long-term strategic missteps that aren't related to recruitment in their software engineering teams.
Also I don't think a company deserves to fail if they've got a bit too much faith in a slightly flawed recruitment process. The entire point of us sharing posts like this on here and discussing them is to learn and even help each other, isn't it?
