Most companies today are already using a version of this that is way less respectful of applicant time.
But you’re speechless, so I guess there are strong points on both sides.
I understand nobody is going to hire on the strength of one exam. Every job is a little bit different and some of them call for particular skill sets. That's fine. By all means ask questions tailored to the job at hand. But let's find a way to skip the really generic questions.
The issue is trust. No one trusts degrees anymore, and for very good reasons. I don't see any way for something else that relies on the same sort of credentialism to avoid corruption and lose trust unless it's measuring fairly static and not-very-gameable attributes like height or IQ (see: Wonderlic for basically IQ testing in a way that complies with laws against IQ testing..).
Where this gets particularly ugly is that even though no one trusts degrees anymore, they're still very popular, and some employers still require them anyway (or at least make it very hard to even get an interview without one). If a new "trusted credential" gets popular enough, or even a set of them, they'll eventually lose their trust, but because at some point they were popular people will still sink time into them and so the time cost we're inflicting increases when it'd be better to just get serious about hiring and tell smart and interested 18 year olds to just come start working already.
It's a totally different matter between hiring new grads, and non new-grades. cspa.io seems only to target new-grads. But as you said, it's replacing one degree system with another similar, but maybe evenly good/bad system.