The rampup at FAANG can be brutal and you'd be doing lots of learning even after getting in. The leetcode style interviews are designed to select people capable of studying and materialising broad problems in depth and scope under time constraints. They are also objective and can't really be faked nor you can talk your way in like in most banking/finance IT jobs. I was of similar opinion at some point but these realisations made me change my mind and I've come to like leetcode interviews.

But I also think they only make sense in FAANG scoped companies where all the stack is proprietary. Small companies or companies using opensource tools don't really have this rampup and doing such interviews mostly because others (FAANG) do it.