I agree it's not a straightforward thing - it's just that in many cases people seem to be hiring a violist but screening them with live sessions of Guitar Hero.

My company requires just easy leet code exercises. If you can pass that and you can hold your technical discussions - the stuff you have on your resume is likely true.

If I interview someone it's because I like their past experience and think they are a good fit and/or have growth potential. I just need to know if they're lying and if they fit the team personality wise.

What knowledge do I have to gain in having them do medium & hards besides that they can solve medium & hard exercises, which aren't really applicable day to day?

This is equivalent to fizzbuzz without fizzbuzz. But that's just my opinion and I do not work at a FAANG...

I agree, and it comes up in every discussion about interviewing, here and elsewhere: People claiming that the "coding interview" is unnecessary and maybe even demeaning if the candidate presents the right credentials and can talk the talk, and people who know from experience that they are sadly necessary anyway.