You should hate it as a manager. You're filtering out every single quality candidate because only a deranged nut job would even consider such an unhinged request. Submitting a video, in and of itself, proves they are not worth hiring.
You don't need to process every candidate. Just randomly take 5%, or 1%, or .001%, and do a real hiring process. Anything at all is better than requiring a video application.
I've definitely noticed the results suck ass, but this is a nice breakdown.