This seems off to me as well. Wealth, and schooling, are not relvant here. Just grab an old computer, install Linux for free, and off you go.

Loads of free tool stacks, github is free, etc.

There are of course a lot of caveats - experienced candidates should be treated differently from entry level. It’s also true that, e.g. Google has a weird fetish about dynamic programming questions and other problems that people are unlikely to figure out without having taken a class in them.

On the other hand, take home assignments take up time and room you might not have. It’s easier to do those when you’re a man in a developed country than, e.g. a single mother in Alabama.

So its basic, I think algo interviews are a good way to hire junior level engineers.