Unlikely. It's usually what the most senior person either read about or experienced in the past. In fact I'd say that it is highly unlikely that they did any introspection at all as to what they are actually trying to accomplish.
They just did it like everyone else because they believe exactly what you do -- that someone somewhere created the process with intention.
I feel like we've so lost the plot with tech hiring that we settled on what appears at best to be a local maxima.