I think that misses the point. A linked list is a simple data structure that needs little explanation, and yet uses indirection in a way that can get you into trouble. As such, it is a great toy problem to asses a person's ability to work with linked data. Reversing a list, is similarly, very simple to explain, and a quite rudimentary operation.
So if I'm trying to asses basic ability to manipulate data in code, it seems much simpler than trying to give them a real-world linked data structure and have them do a real-world manipulation on it.
The real problem is the assumption that this is a 'solved problem', i.e. that a) there is an one-true-way algorithm out there, and b) that is what the interviewer wants you to know (i.e. know in the sense of knowing a fact). That is true of too many interviewers, and that is the problem.
I can imagine setting that as a question in an interview. And I wouldn't be interested in 'the algorithm', I'd want to see that someone could figure it out easily. If someone came in and clearly had just learnt it, it would tell me nothing. I would immediately ask them something else to take them out of their rote prep. But if someone came in and couldn't figure it out, why would I think they'd be any better on 'unsolved problems'? In terms of being able to manipulate data, it isn't much beyond Fizzbuzz.
The 'it's a solved problem' attitude smacks of leftpad thinking to me.