Especially with the rise of "ghost postings" so quantity over quality is greater than ever these days
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I couldn't count the number of people I've interviewed, but I can tell you that I've read exactly zero cover letters.
Again, part of my argument in favor of cover letters is that they help the candidate better prepare for the (sometimes multiple) interview process. They can help a candidate distill the main reasons as to why they want the job, which can make conversation easier if you're more comfortable speaking to those more personal things.
Again, the candidate can keep that to themselves.