Whether you realize it or not, you're advocating for keeping people who aren't already mid-to-upper-middle-class (among others) out of these kinds of tech companies. Anything that's designed to make you work hard extra, outside of work to learn separate skills just to pass interviews is guaranteed to make it disproportionately harder for people who are, for whatever reason, unable in practice to devote many hours of their free time to fairly complex technical studying.
No matter how "disciplined" they are, people already working 80 hours/week just to put food on the table don't have the luxury to be doing that. No matter how "smart and/or determined to succeed" they are, people raising 2 kids by themselves would be irresponsible to be doing that.
Now, maybe you think that kind of person should be denied an opportunity to join the super-1337 hackaz' club that is FAANG or whatever. Personally, I think that kind of classist gatekeeping is disgusting.
While I certainly wouldn't presume to claim that no programming jobs are remotely related to Leetcode—I'd be perfectly willing to believe that you, personally, have to engage mentally with "classic" algorithms on a daily basis—from everything I've read about them, I doubt very much that more than a minuscule fraction of programmers and other tech workers do anything on a day-to-day, or even month-to-month, basis that would be close enough to Leetcode that they could be considered similar skills.
I've been working as a programmer—largely PHP, Java, Objective-C, and Swift—for over 20 years now, and never, in my work, have I been asked to invert a binary tree, reverse a singly-linked list, or any similarly contrived scenario.
There's a huge difference between "thinking about algorithms" in the most general sense of that phrase (which means basically any programmer who does any of their own design work) and in the sense of the particular "algorithms" that we learned in CS classes and are featured in Leetcode problems.
In no circumstances did I ever make algorithmic decisions in an informational vacuum and then cowboy code my way forward, or rather, one seeks to avoid the mistakes of one’s youth.
Search engine: read material about the heart of the problem from domain experts, try different approaches and then decide.
Whether you realize it or not, you're advocating for keeping people who aren't already mid-to-upper-middle-class (among others) out of these kinds of tech companies. Anything that's designed to make you work hard extra, outside of work to learn separate skills just to pass interviews is guaranteed to make it disproportionately harder for people who are, for whatever reason, unable in practice to devote many hours of their free time to fairly complex technical studying.
No matter how "disciplined" they are, people already working 80 hours/week just to put food on the table don't have the luxury to be doing that. No matter how "smart and/or determined to succeed" they are, people raising 2 kids by themselves would be irresponsible to be doing that.
Now, maybe you think that kind of person should be denied an opportunity to join the super-1337 hackaz' club that is FAANG or whatever. Personally, I think that kind of classist gatekeeping is disgusting.