There's even more overhead on the people being provisionally hired.
Yes, sometimes things just don't work out. But, if someone quits a job and maybe relocates, that's a big personal cost. It's just the way things work in some limited contexts (e.g. professional sports) but it's not and shouldn't be the norm.
I suppose you can give a huge sign-on bonus with no claw-back provision, but that's never going to happen in most cases.
I'm fully convinced the way to make better hires is to invest more, which will be more expensive. Which wouldn't be a problem unless we expected something else. It starts with quitting pretending the current process is working, or even close to optimal.