I need to clarify something before the replies start: I do still send proposals. I just stopped sending the kind most freelancers send. You know the one. Eight pages, cover letter, company overview, methodology section, team bios, and three pages of terms.
Nobody reads those. I know because I used to spend 3-4 hours writing them, and my close rate was about 30%. Which sounds okay until you do the maths on how much unpaid time that is.