A rather tired conversation in my opinion. Everybody likes to complain about interviews, but every single alternative I've heard is even worse: Take-homes are biased toward those willing to work hours for free, a "track record" is biased toward those who inflate their resume, a casual conversation is biased toward the likable and native english speakers, high-level whiteboarding is biased towards people who are good…
Yes, it's extremely tired. FAANG companies are not dumb, they hire at scale and know how to find talented engineers using a rigorous/repeatable interview process. I think most of the complaints come from people who fail these interviews (I used to be one), and don't want to admit that maybe they're not good enough.
Because of covid-19 there are overwhelmed programmers, newbie and veteran on the job market to compete with fewer programming openings. Companies have reasons to be extremely picky, and job seekers either to comply with the game rule (Leetcode) or consider to change career.
And those who have job also need to consider to regularly practice Leetcode (one or two questions per day or every other day) to stay employable.