Over the past 25 years, the only thing that has ever reliably identified successful candidates for my hiring was having 2-3 people (at least one "cross-departmental") rate how much they wanted to work with the candidate, leaving it entirely up to them to determine how they arrived at that rating, and only hiring the highest rated people. I still performed superficial screening/filtering of resume/cv but there are very few roles in very few businesses where the "leetcode-style" of interviewing tells you anything relevant whatsoever.

The industry only does it because it FEELS LIKE it tells you something relevant, and it FEELS LIKE you and your business must be important if this is how you interview people.