If companies were grilling people new to the career trying to figure out if they could FizzBuzz their way out of wet paper bag (I realize some can't) it would be one thing. Without a track record you don't have much to go on, but the fact that you can work in the industry for decades, ship well-received products people have heard of, have a long list of references willing to verify that you were instrumental in shipping those products, and a lot of companies still expect you to jump through "reverse this string in place" type code puzzles seems kinda bonkers to me... but a lot of the industry just accepts that This Is The Way.
You can bypass this with direct personal connections of course, but its weird to me that so many companies put effectively 0 weight into prior easy to verify accomplishments if the people looking to hire don't know the person on a personal level.