I think a big part of the problem is how much software engineers are being paid now. 4, 5 or more rounds is not unheard of for a VP/CTO role. Companies are acting like that Intermediate Developer is a critical role because the pay is making it seem like a critical role, they are making what would have been a Director salary within institutional memory.

I just had candidate that was already getting paid what would have been an insane amount a few years ago, get a counter offer that included a 20% raise and significant equity.