That is literally my point. They are very much testing your ability to study for months on end. Study as in memorize. That is by design at this point and not a side-effect. If you aren't willing to show the ability to study successfully for months on end then they're not interested.
edit: Over the course of months of grinding leetcode you will see 99% of the problems they are going to ask. Then it's about memorizing the tricks and patterns.
edit2: And as I said below their recruiters are very open about what you need to do (grind leetcode) to succeed at the interview.
FAANG employers want innovators who think outside the box. You can't do that with sheer memorization. Nothing new would be developed if tech companies hired people who just worked with what they already knew.
There's a difference between software engineers and coders. If tech companies didn't want engineers, they would simply hire coders from a coding boot camp.
And you're missing what these tests are actually doing instead: Figuring out which people have already seen the problem at hand, and probably memorized all/some of it.
The problem is that these interviewers will not pass you if you don't solve the problem almost perfectly in an amount of time that is way too small for someone who has never seen it before.
To make matters worse, many of the solutions require some trick or mathematical trivia to get right. Does that really prove you know your Algos & DS?