The bummer is that you're right, it actually is worth even this much investment, because these companies do pay extremely well. But it's still horrendously inefficient, because the companies are getting a very small improvement to their signal to noise ratio, at this great cost (which, notably, they don't bear).
The problem with this story is that people need to work with and rely on this person for responsibilities they're not yet qualified to meet. In some cases, a "smart person" will be able to grow into the role, but the road there is long and messy, which becomes a frustration for colleagues, supervisors, clients, users etc.
Because of the prolonged boom we just went through, the industry -- especially at FAANG's -- is now saturated with smart, naive people trying to fake it until they make it, leading to a gross decline in quality and consistency compared to where we have been and might otherwise be.
In my mind that's a rather nasty practice.
Not that I'm complaining. I'm happy to pick up people that are good at computers but wouldn't be able to pass that hurdle, and probably wouldn't hire anyone that has.
if you provide utility to the market, you shouldn’t need credentials or a corporate ladder to climb to prove it, it should be immediate compensation no matter how disparate
so despite how coveted tech compensation packages are at this tier of company, a seemingly smart person getting a good job after doing a contrived aptitude test does meet that criteria. other people outside the field (and within) have difficulty passing it and don't have the cognitive ability to study for it, or the financial stability to prioritize studying for it
I also agree that a less contrived aptitude test would be better