I'm probably not explaining myself well, but besides from FAANGs that use levels, this is how every company i've worked at does thing.

We need a team of X people, we have minimum requirements. We are open to anyone as long as they are close to the requirements (100% match is never possible).

We evaluate the comp based on interview feedback... then as the team gets filled what we look for starts to narrow to "fill out the bench" so to speak.

But we won't ever go back and update the description or pay-band, no need.