You couldn't be more wrong. Memorization is one of the lowest forms of intelligence. Just because you can spit out a DFS algorithm, it doesn't mean you understand why and how it works.

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.