I think there will be a form of credential-ism and it will continue to be similar to the tech interview.
It'd take a union to force FAANG into that, though, because it'd make job mobility much easier, so tend to increase wages.
We can have a setup where everyone benefits, people who think they are top talent are free to capitalize on that fact if they truly are top talent, while also being protected from predatory employment practices if/when they aren't top talent. Even if we recognize the existence of 10x or 100x engineers surely we must also recognize that they are humans that will have family issues, mental health concerns or struggle with burnout / purpose / direction during a multi-decade career. No shortage of evidence that tech companies are working together to suppress engineering wages, why wouldn't engineers respond by working together to invigorate wages?