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Co-founder here. I am completely agreeing with you and I am one of the people who hates the culture you mentioned. We created this website for people who are new to programming or people changing careers. People who have not taken a university path (taken online courses, self taught) but find it difficult to get a job because they don't have anything on their resume. They find it intimidating to contribute to open so…
I am one of those self-taught no degree developers currently building my own portfolio. It definitely is intimidating to contribute to open source projects not to mention learning the projects/technology to be able to contribute. But as for my own projects, it's increasingly discouraging to find out my ideas have been done inside and out. I think the only thing keeping people like me going is the passion of figuring…
As for the alg/ds. In my opinion, there are some fundamental things that you need to know about DS/alg that make you a better developer. What people usually get wrong is assuming that it is the applicability of the algorithms or datastructure that matters ( who cares if you know about a Red/Black Tree ! ) . I think its more about the patterns and the way they allow you to think.
Understanding how tree traversal is done may not be directly useful in your work but helps you understand recursive thinking which is super important. Knowing how QuickSort/MergeSort work doesn't have any application in real life but makes you think about problems with a divide/conquer approach in mind which is again super practical. You will never write a Hash/Dictionary but knowing what is the difference between one and an array has immense applicability on your work.
My advice to you: stay away from memorizing DS/Alg. Throw out your "cracking the coding interview" book if you have one and pick a algorithm and datastructure book and try to understand it. Then you can move on to solving problems yourself and you will realize that you are a better developer for it. Here is what I would suggest:
http://ocw.mit.edu/courses/electrical-engineering-and-comput... http://interactivepython.org/runestone/static/pythonds/index...
Of course, you don't need to know all of the stuff here :)