That may be true in the silicon valley, where there are companies ready to poach you on every other floor of the building you work at, and every other building in the street.
In the other cities of the world. There aren't that many places where you can work at in the area. Your network is limited and you still have to go through traditional interviews (supposing there are even companies to work for in the area).
I think you might be overstating the hiring activity in Silicon Valley, or confusing "interviewing" with "hiring". There indeed seems to be a lot of interviewing going on, not so much hiring.
I think you might not realize how lucky you are to be able to have interviews. There are places in the world where you can look 50 miles around and only find 3 companies who are (even remotely) a match for you. Whether they happen to have open positions at the moment doesn't even come into considerations yet.
No, I agree, and do consider it fortunate to at least be physically located among companies that are at least going through the motions.
But, in some ways, all-interview-no-hire is worse for candidates than no-interview. When you interview you're blowing at least one vacation day, and when the company is not serious about hiring it's a total waste.
In the other cities of the world. There aren't that many places where you can work at in the area. Your network is limited and you still have to go through traditional interviews (supposing there are even companies to work for in the area).