There's a problem at the moment in the market that there's a huge amount of pent up demand for senior developers. The market has responded with bootcamps and the like, and we have a ton of junior devs with very little knowledge and experience pouring into the workforce. The sad truth is that most devs fresh out of collage or a bootcamp aren't valuable enough to be worth hiring at large tech companies like Google. Most people who apply to any hiring role you advertise won't really be able to program effectively. (And if they can, they won't know the conventions of the language they use, they won't know anything about security, they won't be able to read code others write in order to debug it, etc etc.).
Programming is hard. It probably takes about a decade of practice to become good at it, and I don't think schools have figured out a replicable way to take someone off the street and teach them programming yet. (For example, most fresh grads have never had to read the code another programmer wrote. Imagine teaching people how to write without teaching them how to read!)
I think there's lots of angry junior folks out there saying "Hey, I can write a simple for() loop in python, and lots of people are hiring - but I apply to lots of jobs and keep getting knocked back! The hiring process must be broken!". And a few angry senior engineers out there saying "Why do I have to keep writing fizzbuzz? Its like I have to prove over and over again that I can program at all!".
Of course, nobody wants to admit that the reason they failed their 6th whiteboard interview in a row is because they aren't very good at system design. And the reason for that is that their collage didn't teach them any system design skills, and they have no experience, and they never learned how to use words to communicate technical ideas. And ArbitraryProductCo doesn't have the runway to train you up.
Of course there's the occasional person who is really skilled and somehow still manages to fail programming interviews all the time. But if the goal of a technical interview is "make sure we don't hire anyone who wouldn't be effective at the job", I think they're fit for purpose. I think the real sin is that we're afraid to tell people they aren't very good at programming yet, and we use technical interviews as a scape goat.