I'm certainly not saying that teams don't take into account a candidates experience, OS code or his/her ability to discuss complex, role relevant, topics in great detail -- i'm just saying that no matter how high you rank in all these other areas, at most companies (including mines), it really doesn't matter if you can't reverse a linked list on the spot ¯\_(ツ)_/¯.
I just tend to believe that solving algorithms (especially under pressure) is a specific skill just like everything else, not a general test of programing "ability" -- so unless the job requires that you write algorithms every day then we should broaden the traits that we test for. That said, having interviewed a lot of candidates myself, it is truly difficult to consistently identify good well rounded candidates.