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You are correct about it being a two-way street. This can lead to the issue being even be more basic than these reasons, and harder to accept: after going through the interview process, the interviewee may not like the company or people.

During the interview process, the interviewee is exposed to things on the inside that are not apparent on the outside: company culture, company politics, and the personality of co-workers that they may be working closely with... I have turned down at least a few positions for exactly those reasons. I am sure people I have interviewed have turned me down for those reasons as well...

...getting a job and finding a candidate is a lot like dating: they just may not be into you.

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