Leet code interviews only showed up late in these companies trajectories. Internally it’s no longer about what the company wants so much as what people inside the company want which presents huge conflicts of interest. Google for example has done significant research and found such practices wasteful, but internal culture is what it is.

In practical terms the FAANG companies internal processes are horrible and they can’t seem to innovate at all, but as long as they continue to print money there is zero reason to risk change.