My observation was that job applicants who tried to get the job by making a notable effort to show genuine interest in a specific opportunity seemed to be the one's who eventually got the job. Being interested doesn't make one qualified, but it does tend to make one stand out.
Getting a good job is hard, and you can't always tell from the outside if a job is one you'd want. It doesn't take much time to show genuine interest in any opportunity that's worth applying to, no matter how prestigious the company may be.
If you're someone like google or in a very specific niche that I'd like to be in then I'd write a cover letter, but that is not most jobs.