Sometimes, they seem more like a secret handshake you need to memorize to get into the boys club than actually useful engineering. Who hasn't had to revise some of these before applying for a job 3 years out of college?
What it does do is effectively exclude applicants who didn't study CS, or who haven't heard of and memorized "cracking the coding interview".
Assuming `fake CS questions == good engineer` is a huge mistake, but one i keep getting downvoted for everytime i mention it. Most rebuttals are usually something like "it's the best system we have", something i find unsatisfying.