There's nothing broken about it. If anything, I'd say it's a great success: from the set of people I've seen, the people who don't get hired get rejected because they exhibit real deficiencies across multiple interviewers in areas that are relevant to our work. The people my team and others have hired are consistently capable of doing both the day-to-day work we need done and the once-in-a-career stretch challenges they encounter. They are also independent and don't require months of basic training before they start being useful.

If my comment expresses any frustration it's with people who fail to see the point in preparing for anything more difficult than "can you use the standard library and write a for loop" type interviews and then turn around and complain about not getting hired at selective organizations that do very hard things. And then they go and issue a blanket denunciation of a process that consistently meets organizations' expectations.