The only company I encountered recently who wanted me to give a presentation when applying for a software engineering job was Snowflake. I guess asking everyone to jump through that hoop is one way of cutting down on the number of candidates.
Should have more people wanting to come into the office.
But we never made it a gauntlet. Presentation was for 15-20 minutes, on a technical and hopefully interesting subject of the candidate's choosing. It was also the first "real" interview slot, because the idea was always that by allowing the candidates to warm up on a topic they were familiar and comfortable with, they would be more relaxed afterwards. And of course we explained the reasoning to the candidate, upfront.
Sure enough - we have people who enjoy being exposed to new, interesting, technical things. If they learned something new, great. If they found the topic interesting enough to ask further questions thanks to their own curiosity, even better.
On the other hand, Spotify used to require an on-the-spot adlib presentation during their initial interview a decade ago. That was disturbing.
If you’re interviewing academics, people who work in open source, or people who have already gotten a presentation cleared to give a talk somewhere, that wouldn’t be an issue. Those might be people you want to select for, but you should be aware that’s what you’re doing.