Earlier quoted context omitted.
If programming is an art, then the programmer should have an audition instead of an interview. Which is approximately what leetcode is.
Except that would be like asking say a piano performer to run Liszt etudes mechanically, when you're hiring someone to play at your wedding. Completely different skills. Sometimes, you do need someone with these skills. These times are few. Often, a person forced to train to this test will neglect other skills or be unable to match top tier performance in the weird test. Wrong audition can be worse than no audition.
If you hire a piano player for large symphonic orchestra, or a famous band, and they are not already famous, you want to hear them play. Maybe one piece they chose themselves, but maybe also a piece everyone in the genre is expected to know.
And if they have to improvize a bit, that may tell you a lot, too:
https://www.youtube.com/watch?v=HtI3IMlGRMY
Sometime you meet programmer like this, than you can jam with on almost any topic. Those that can repeatedly improvize their way to "leetcode" solutions, while you observe their thinking process.
The "problem" with "leetcode" is that it has become too common and formalized. When people start to practice leetcode just to land the job, it suck the fun out of it, and it becomes harder to tell if the candidate is able to solve similar, but novel problems.