There are risks at any carrier. If someone chooses a carrier without a flow or something like a guaranteed interview they are left slugging it out with everyone else to make themselves marketable. These days that means LoR's, job fairs, being a check airman, president of Habitat for Humanity, and being in the Guard flying F-18's on the side. It's a young pilot's game, most of us stuck from the lost decade have families and other obligations that make it difficult or impossible to meet any combination of these targets.
Or you could be one of the ones that gets lucky; picked up as an FO with a couple LoR's, one job fair and zero PIC.
One could also work on making themselves marketable while working their way up in a carrier that also has a flow or guaranteed interview. IMO this is an option that maximizes potential returns.
After the hiring computer has gone through all the names and offered up the ones with the H4H positions and the F-18 time I think they just throw darts at names on a list to pick a few random people that leave everyone around them wondering how the F that guy got the job at Delta at 25 years old with no PIC.