My understanding of the Hirevue

Correct me if I'm wrong, but are the HireVue's just a formality? What I mean is, can somebody seriously pass a HireVue round if they have never networked with a bank before? In the same light, how can somebody be denied a firstround if they have had great conversations with their school's recruiting team? I just understand HireVue as a way to filter out the majority of applicants who don't network nor went to a target/semi, etc. 

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