Why feel anything about it at all? You work at FAANG: be glad for the money or quit if there isn't any. You don't work at FAANG: bad hiring makes it easier for you to get hired and make money.

You haven't considered the third option: couldn't care less about working at these companies because of different reasons (personal, financial, geography, cv or whatever).

My criticism was mostly towards the very poor metrics these companies have introduced behind hiring, albeit I can understand that given the gigantic amount of applications they get a mechanism for removing false positives is acceptable even if missing on false negatives.

And even more that it spread to companies that do not have their problems and can't afford false negatives.

This is a limited, self-centered way of thinking (not self-ish, just self in the neutral sense of the word).

Looking at second-order effects, many companies look up to FAANG for "best practices", which often includes them blindly copying their hiring practices. Without feeling or calling out any healthy skepticism, the software hiring world becomes a worse place overall.