I'll try - a few thoughts:
Software engineering is part knowledge and part application of knowledge (problem solving) and part ability to acquire and apply new knowledge. We remain current in our jobs and roles by making sure we're constantly learning. Interviews should be part testing of knowledge, but a lot more discussions to evaluate problem solving and ability to acquire & apply knowledge.
Also, knowledge in many cases becomes stale if not used. If I learn a new language/framework but don't use it in a project immediately, I'll forget almost all of it. I may learn react via books/tutorials, get a great score in the test, never use it and/or forget it by the time I get a job based on the score. Am I a good hire?
Given that it's not clear as to what problem such a test will solve and moreover it's unclear as to the long term impact of such a test. Is this just for initial filtering, or will become an actual hiring criteria?
If graduates from colleges are expected to take such a test to prove something, then what is the value of the work these grads did in their colleges? How is a score in these taking in regards to the work students do in colleges?
Some people are better test takers than others. An a good interviewer is able to probe and work with the person. So such tests may end up discriminating, not on purpose of course, against bad test takers if they become the sole filtering mechanism. People may have to take tests again and again till they get a good score. An effort, which in no way helps in their job per se but is simple an additional burden.
The only potential place where I can see some value for such a test if to evaluate the coding camp folks, since different coding camps have different quality. However, even there, it's unclear how this will pan out.