It is a data point, but of questionable value generally. Consider this: even academic settings give students multiple chances to demonstrate their true level of competence over a course of months in a very constrained subject and a highly controlled setting. I don't think it's rational to think a panel of interviewers can do it in a matter of hours.

I think interviews are basically just a way we fool ourselves into thinking what is essentially a random chance biased by a self-selected set of applicants is (relatively) more objective.

I don't know that there is a good alternative. I am quite sure the status quo is thoroughly broken.