LeetCode-type interviews are about 60% a how-bad-do-you-want-this test, and 40% a barely-concealed IQ test.

I'm not even sure that's the wrong way for FAANG to do things, given how many people want to work there. I do know it's a damn bad idea for any place not offering FAANG-like comp, since at lower comp levels you're in competition with a ton of places that don't demand hours of grinding leetcode to prove you want the job bad enough.