OTOH, if you've never done a few of those problems, you won't even know it's called a cycle, why they're bad, how to avoid them or find the library. There is usefulness in knowing the basics, and one way to know if your candidate knows, is by taking a look at the problems he/she tackled, or the courses taken. I agree it's a problem most devs won't encounter.

But that interest in the technical/algorithmic side of programming has turned into a paid job competition board ... I'm baffled.