False positives surely exist, but in my experience the challenges are rigorous enough and preparation requires enough patience, that there's a certain competency floor here that makes this less of a problem for the company. Every single engineer I met there ranged from competent to "10x", contrary to a neighboring comment.

I do think there's something of an obsession to minimise false positives at the expense of false negatives. The companies are succeeding at this, which I find foolhardy as they lose the opportunity to hire even more of the high performers who can't or won't jump through the hoops.