You lost something when every other person started doing the same thing. Now you have to write or review ten applications instead of one. Now you're going to get paid less because it cost $20k to hire you instead of $2k. Now your company is going to be filled with like-minded people, "hustlers", who do not know how to improve things themselves, just spray and pray until someone mistakenly rewards them.
If I gamble and try 10 times and win once - I have probably lost money.
Even if I interview 10 times and fail 9, I’ve learned something from each interview and I’ve gotten better. That’s also not true from rolling dice.