If they never hired an applicant from a competitor, that'd be low. If they sabotaged their own employees' independent applications elsewhere, that'd be low.
But targeted outbound recruiting is a very specific activity – which is sometimes even viewed as harassment by the targets themselves. It's likely zero-sum for the industry, and possibly negative-sum – if it disrupts ongoing projects and deters investment in employee-specific enrichments.
A cutthroat bidding-war attitude – between competitors, and between employee short-term compensation and the enterprise's long-term value – isn't necessarily in the interest of all industries or even most of the employees. (It might, for example, reward superstars but at the expense of the bulk of employees seeking stability and meaning in their work. It's hard to say, and the rush-to-demonize crowd does not appear to have studied the tradeoffs as closely as Catmull and similar.)
Starting a cycle of incentivized poaching could be like starting a cycle of nasty-negative-advertising. A first-mover might get a temporary advantage, but once everyone responds, they're all worse off for having competed in that way. Even the stars who 'won' immediate compensation boosts might wind up losing, as projects fail and the industry underperforms.
