Do they? That is an assertion with out any data. I've worked with F tier developers who worked at Facebook, and Google. They're trying to minimize their false positive rate, but they don't realistically publish it other than laying off large portions of their work force. Presumably because they weren't great, but passed the interview process. If you lay off 3-5% of your staff in a year you had a 3-5% false positive rate. Maybe it's minimized by these in person interviews, but that seems like an unacceptably high false positive rate given how much time the interviewers spend on the process.
3% is probably about as accurate as 'solve fizz buzz in python' prior to AI, and that's where they were in 2022.