but in the very few ds interviews I had, I was tanked as soon I got asked questions like: whats the formula for a T test. I know what the test is, and when its not appropriate to apply it, but I don't memorize those kinds of formulas. the field is just too big to do that
Were you making it past the initial stage/screen interviews where every question is a buzz-word test? Were you ever interviewed by people who you'd actually work with and know what their team needs? What geographical area do you reside roughly, if I may ask?
This position was in NYC.
Experimental design (statistics) is important, but data science is a team sport. The people specialized in statistics may not be able to code up a deep net, and vice versa.
Computer scientists make great data scientists, especially if you know data infra. If I were to start a team from scratch, I'd focus on software engineers and physicists. Most are willing to pick up some ML to broaden their skills, and the ability to go end-to-end from conception to production is invaluable.
The real issue is setting expectations with those on the outside trying to get in - a 3-month boot camp with no prior programming or statistics knowledge is just not going to get you to the level of competence required for this type of career. All of these MOOCs for ML/AI/DS are bullshit if you haven't the foundation underneath, which, based off of those people I know who've taken those courses, doesn't exist for many MOOCers.
The fact of the matter is that most companies don't need "artificial intelligence"; they need intelligence - people with domain and statistical knowledge and enough programming skills to be dangerous. As cool as some AI/ML tech is, you could get so far as a data scientist with great knowledge of a few statistical approaches and above-average programming skills.
You're right in one sense, though: there are a lot of data science practices/applications that aren't worth the value they provide. There are others that are worth exponentially more than their operating costs. As with most things in statistics, whether data science is effective "depends."