I think both algorithmic questions and work samples have an important role.
Algorithmic questions are presented with a time lot, you get an idea of how the candidate thinks through problems. These questions I think reflect general intelligence.
Work samples reflect effort and experience, which is also important.
People like to complain about one or the other like they're entitled to a job. It's hard to hire senior engineers because there aren't very many good ones, a mediocre engineer who hangs on for 5-10 years is now a "senior engineer."
You're not special. If you want a high paying job of your choosing you have to earn it. Only a vocal whiny minority is heavily complaining online. If you think you're highly competent and the problem is with all of these companies, in whose best interest it is to hire good people, you should think again.