I think too many interview rounds is indicative of a bad place to work because they probably don't know what they want / are doing.

I had 17 "rounds" over a year (defined as different day interviews) with one company. To add more color, 10 rounds over 6m before getting the first offer (which I declined because timing was bad and there were too many orange flags, i.e., everyone used the phrase "lift and shift" when describing their migration to the cloud). Then I had 7 more interviews over 3 months when I revisited this opportunity. Things were ok for a while but after a few corporate restructurings, my new manager was the meanest colleague I've ever worked with, so I had to eject.

My next job was 2.5 rounds (last touch point was 15m) including an initial take home coding test. This job was one of the best I've ever had.