What's the point of posting a salary range like $70k-$140k?

Maybe recruiters here can explain this because I keep seeing it.

I'm actually a big fan of companies putting compensation on the job post, but when the range is basically double from bottom to top it doesn't tell me much.

If I'm currently around $100k, am I applying for a role where that's comfortably within budget or one where they secretly want someone at $75k?

Do companies genuinely have that much flexibility depending on the candidate, or are these huge ranges mostly being posted to satisfy salary transparency requirements?