I fear there's a movement to get rid of leetcode interviews and I'm against it. What's the alternative? We go back to "you have to look the part", nepotism, credentialism, and other such BS in other industries. A data structures and algorithms test is fair and objective. You can objectively get all the challenges correct and then there's little reason to not hire you. Compare that to interviewing for, say, an investm…
Do this as part of the interview and not something they have to do in their "spare time" at home. It's not uncommon for large companies to do all-day interviews anyway, so a way to structure this can be to have the interviewee come in in the morning, provide them the problem and allow them to ask any questions they might have (as if it was a real work problem), then allow them the morning to work on it.
Then in the afternoon you can review the solution and ask them to talk through how they arrived at it and what their thoughts were during the process.