Let's examine the extreme here. The most frustrated individual in this recruit would be someone who...
Successfully landed a handful of in-firms.
Did the in-firms with multiple firms.
Got the dinners.
Got the callbacks.
Perks: Predictability- you always know what the next step is.
Cons: Some politics. E.g. didn't know where they ranked in the firm's list and chose the wrong cocktails and dinners *gasp*
But come on. It's not that bad of a process. We could argue about the aRDuos nature of applying to 40+ places, yadda yadda, but you know what you're getting into. At the end of the day, it's a way to attract some unique, (essentially) unskilled talent into the profession.
But when it comes down to it, you're not crying about the apps. You're not crying about your 17 min OCI's you didn't receive. Or even the in-firms you didn't receive. You're shedding that tear for the firm who welcomed you into their client floor and took a brief interest in you for 30-90 min. And when they welcomed you to an exclusive, beauuuutiful dinner, you went to Davies instead because they gave you a f*cking colouring book.
And to this day, your one single regret is not realizing that you were too naive to ask the right questions and gauge each firm's interest. So you choose to blame the sYsTEM.
But hey, to everyone out there. It's really tough. So proud of you for taking this huge jump to build up your legal career. This process brings up so many emotions amongst all of us. Just know that you have value and the OCI's are not a reflection of your talent. No recruit is. If you are a law student reading this, you are already one of the most exceptional minds in this country. The world sees values in the skills you will learn over the next few years. Don't lose hope. If anything, you are already in very high esteem amongst a handful of firms and will likely be a familar face if you ever choose to apply again for articling/ jr assoc roles.