Leetcode style interviews probably serve two functions: 1) A way to suppress wages and job mobility for SWE. Who wants to switch jobs when it means studying for a month or two? Also, if you get unlucky and some try hard drops an atomic LC hard bomb on you now you have an entire company you can no longer apply to for a year. 2) A way to mask bias in the process while claiming that it’s a fair process because everyone…
If you want to earn top money, you gotta play the game. This is true in every profession, you think lawyers that want to work at top law firms have it any easier?
There's a lot of valid criticism with respect to today's tech hiring practices (especially because it doesn't only affect top paying companies), but I don't feel like "I can't get ridiculously wealthy without selling my soul" is a particularly compelling one.