This is the part I disagree with. It hasn't been true for years. Anyone with the free version of ChatGPT can pass a hacker rank today.
> but that doesn’t matter to the outcome of your company
It does for mine, because we've hired all of the good developers that get through the process you're describing and it isn't enough. We actively moved away from what you're describing and turned the interview into a 2-3 hour pair programming session where the person completes a mini version of a ticket.
This has much more predictive power than what you're describing.