I'm sympathetic to this viewpoint but looking at the cost/benefit for a Stanford student I think the benefit to studying for these interviews is clear - its a bit of a simplification, but for Facebook if you can do 3-6 problems over the course of 2 60 minute internship interviews you have the ability to get a $75k-$100k signing bonus if you convert to full time in addition to more shares over 4 years. Granted this depends on whether you're a high performer during the internship but I definitely understand why someone would make or take this class.