The IEEE has taken the first step toward professional software engineer licensing with the "Software Engineering Body of Knowledge" and associated certification program. So any company that wants to could accept that certification as a substitute for their own algorithmic interviews. (I am not necessarily recommending that, just pointing out that the option exists.)

https://www.computer.org/education/bodies-of-knowledge/softw...

https://www.computer.org/product/education/professional-soft...