Especially with the rise of "ghost postings" so quantity over quality is greater than ever these days
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Originally it was to introduce yourself and why you're sending them a resume in the mail. A really good cover letter will get you past HR send your letter and resume to the hiring team. Thst function has largely been replaced by resume scanning tools.
I spoke to some hiring managers who said that they don’t read cover letters unless they find an interesting resume. Regardless of the tools that are used, it’s just too time consuming to read each letter.