Article doesn't properly dissect these aspects. Also, the article seems to infer that grading 2+ decades ago was some "golden age" w.r.t. academia grading. Was it really?
I seem to remember a lot of protest where high GPA vs an ok GPA was many times due to things like students shopping around for the "easy professor", and other violations of Goodhart's Law. But did anyone really care enough to change that system? It gave employers an easy threshold to filter applications, and no one cared if perfectly good candidates were being passed over. The only losers were the students who didn't play those kinds of games.
It seems to me like an alternative conclusion to this is that employers have lost their Easy Button for hiring process and now have to work harder at it. Not saying that there can't be other things going too, but this sounds like a lot of "back in the good ol days" talk.