The coding interview looks different when you view it for what it would be called in other industries: a licensure examination. It looks particularly insane to relicense for every single job you apply to. It also looks supremely unfair to have proctors for this exam with varying expectations and training to actually correctly administer it.
- licensing ensures only a minimum level of quality - people with licenses still do interviews, often just as grueling - licensed careers with high performers (lawyers, doctors, ib, etc) have other forms of filtering which are much more painful, like years of low pay internships Studying for a few weeks to solve fun puzzles to make 400k sounds like a deal to me.
The number of people who "aced the interview" but are borderline worthless for real product development is not trivial in my experience.