When I was a new college grad, I felt trapped by the fact that everywhere I looked they wanted several years of experience, and I had none yet. How can I get experience if it's required to get the job? Now that I am 51, I feel annoyed that all of these stories of interviews involve asking questions about algorithms that rarely come up in real coding, and if they do you should NOT be rolling your own code, you should…
My frustration isn't exactly like yours (my time is probably a lot less valuable). I feel that the questions are all geared at puzzle solvers.
If you're a puzzle solver, you love answers. You love digging into the details. You love finding out the basic components of a system. I think these are the people who excel in academics.
Almost every other intern I met once I got to the bay area was a puzzle solver. They were also competitive and had amazing grades. And these people LOVED algo questions. Over lunch, they could go through half a dozen questions.
I slipped through the cracks I guess. I'm bored by puzzles, have awful grades (and in a worse program), and not so competitive. What I do enjoy, however, is building up. I like modeling and being about to think at greater and greater levels of abstraction to solve problems that aren't puzzles, but instead open ended questions.
Anyway, I think both of these types of people have a place is software, and only one is given attention