Thing is, very good people always have a plethora of options. So a company that tries to make a talented developer jump through somewhat silly hoops, is often going to miss out on that person. Google for example will say, 'we're ok with a lot of false positives' but they are also missing out on outright brilliant people who can make an outsized impact.

The FAANG companies can get away with it to a degree, because their compensation is so high. But there are a bunch of companies out there copying these hiring processes when they can't pay anywhere near what those companies pay, nor offer anything else compelling enough to make up for that.

So on one hand, yes, if you want to get paid the big bucks to work at one of the FAANG companies, you play ball their way and jump through the hoops. But that strategy is not going to work very well for the vast majority of other companies.