HackerRank is a symptom of the terrible interview cult that is pervasive in our industry which is so extremely guarded against the fabled false positive hire. It is designed with absolute certainty that no one is qualified for any job unless they are some silly notion of a 10x engineer or "hacker" while claiming there is an engineering shortage. It allows us to opine about how terrible impostor syndrome is while simultaneously engendering it in others through these interview practices. It allows us to write off people with experience who are further out from college (and therefore older) or never even went under the guise of algorithmic knowledge requirements without admitting ageism.
As to other industries, I have little direct experience. I know that my friends and family (none of which are in tech) have been on interviews that are humane and conversational as opposed to the inquisition our industry supports. They have all been aghast at what I've been going through.
A. Don't make the interviews so hard that they require multiple months of preparation. You can be prepared for the google interview by simply having taken an algorithms course and studying for 2 or 3 weeks.
B. Make sure the people you hire are good communicators and are a good culture fit.
C. Try to make your workforce diverse.
And if it were 100% about preparation -- if preparation could land anyone any job they wanted -- then the interviews would be mostly worthless (other than perhaps assessing how much work someone is willing to put in).
The reality is somewhere in between: Preparation helps someone perform at their best, but it will not land anyone any job they want. This is why tech companies actually encourage preparation -- it reduces the number of good candidates who get rejected.
Note that this isn't really unique to coding interviews. People prepare for ALL types of interviews, so it's revealing the same flaw in all of them.