I don't think it's a reflection of the market. I think we're just coming back from a crazy employee-favoured market.
We're living in times of fake job reqs during hiring freezes, companies claiming that they "never fire" while putting 10-15% of their workforce on PIP and layoffs in highly profitable companies.
We're in the age of the great big VC fuck up.
The problem is that hiring is being linked with public perception, and as a result there is a lot of secrecy around things that were very transparent.
It's very likely that 20-30% of your job reqs are just out there to show the market that this company "can" hire in these times.