It absolutely should be regulated. Especially since there's so many ways companies exploit this for a variety of factors. I can't think of one benefit to applicants. Wastes their time, the increasingly AI-submitted rejections are useless noise instead of feedback on how to improve, and the rise of "video interviews" just give more data than necessary to a company without ever needing to send a human to talk to them.

The application market needs an entire overhaul.