A few successful competitive programmers being successful in general doesn't make it a good metric for all programmers. I'd say the same about competitive math too, despite Terry Tao being a pretty great counter example.

What actually happens at all levels below the gold medalist level is completely different. People memorize leetcode and think they're gods of CS. Ultimately, you have to agree, these competitions come down to learning a vast repo of tactics. A guy who is generally good at CS or math can't show up and do well. You have to burn a lot of midnight oil so to speak.

IMO such data structure and algo mastery is largely illusionary. It mainly depends on the trends in the game at that point in time. If you see people who do well in such competitions, they have embedded themselves in these communities and think about it all day. Why should every programmer be held to this arbitrary standard? What if I want to learn ML, compilers and programming languages or study distributed systems? They are as much CS as anything else but you don't get a cookie every time you navigate a tricky situation. There is no gamification so you have to tread your own course. That IMO takes a lot more originality than what these rat races foster.