There's a massive amount of arrogance to this type of hiring. I think, however, that it reflects the companies opinion of itself and its employees.

Someone with significant skills is going to have significant self esteem. Are they going to want to put up with being treated that way?

In my day, the "bar raiser" didn't announce it, and so you never knew, if you even knew they did that. Announcing it seems profoundly stupid. And arrogant.