I think maybe another way to look at it is that it mostly tests one's ability to handle stuff they don't necessary like. For ex, you are preparing for an interview. Suck it up and learn some standard algorithms and practice coding under a little pressure. That is the homework that you are supposed to do.

If you haven't done that, it is a good indication of how you will handing boring but necessary and important stuff at work. In all fairness, I think you can't fault people wanting to judge you based on that..