As a professional software engineer, you are expected to be proficient at those skills to an extent in which you can demonstrate them in practice.
The burden of verifying you acquired the skills associated with your education falls on the employer.
Fizzbuzz is trivial and should not be a problem for any developer at any level. Writing a binary search function should not be a problem either.
But I agree that the industry's obsession with competitive programming has gone too far in some cases, especially in cases where the skills being tested are not relevant for the job.
In practice, many colleges fail to teach those skills.
And accreditions depend on governments which are sometimes corrupt or inept.
any university in western europe is pretty hard to graduate at without actually having these skills. so it is pointless to enforce coding interviews for those who graduated there. you can’t “buy” a degree there.
If you build software that sounds like a bad idea.
The most valuable companies in the world all converged into the same recruiting processes for a reason.
and you are mistaken that it's up to the company to decide what happens. as an industry of professionals, it is our decision.