It depends and it's not always a red flag (but it could be). Here's a scenario that happened to me. I applied for a position in December, got the rejection email. Job was reposted more than a month later. This is common on LinkedIn so the job posting is not buried under the newer posts, plus job seekers are more likely to prioritize newly posted jobs to increase the chances.
Before I reapplied, I asked ChatGPT to compare the previous job posting that I applied for vs the new job description and let me know what and if there are differences. I ask this to see if I have to rewrite my cover letter or just tweak the previous version I wrote. RESULT: There were a few differences. I looked at the Company's LinkedIn page and the person/s it might report to and yes, there was a newly hired executive which makes sense why there are changes to the job description to require to repost. It would have been a waste of time for both the selected applicant and recruiting to go through the interviews if the hiring manager is not onboard with it. It's a matter of alignment not necessarily not trusting the HR business partner/recruitment. This can happen.
If I didn't check why and just changed the date of my cover letter, without edits then I might not have gotten the interview.
This is just one scenario of why a job description could change. Sometimes after a few interviews, the hiring manager and HR update to prioritize certain skills and experience based on the candidates they have interviewed that didn't quite meet what they had in mind.
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