this is exactly my experience as well. having very recently completed a round of interviews for new hires, I experienced this directly. we wanted to hire 2 engineers. we interviewed about 20. found 4 that we liked. 2 of those 4 took other offers at other places they interviewed. we hired the 2 (that we liked, they have been good hires so far!) that were left.

there was never anything close to anybody getting "cut" in favor of another interviewee that was fractionally better than they were. we fully intended to make offers to everyone that we thought was good.