I agree that a lot of story around interviewing is broken and that many of the questions don't relate to day to day jobs... like creating a binary tree or "how do you move a mountain" (IE: https://www.amazon.com/How-Would-Move-Mount-Fuji/dp/03167784...) - but they do show that you know CS basics, know how to learn them or have basic problem solving skills.
As much as people bemoan CS interviews... currently? They are a necessary evil to certain segments of the job market. Can you get jobs without them? Sure... just like you can get jobs without degrees - but your resume will get round-filed for a large number of jobs without a degree and you'll not make it past initial filters without knowing "basic" CS trivia like binary trees.
Whether you're okay with a limited job pool or not is on you... I don't have a 4 year... but I have a 2 year with many years of experience and I'm okay with some of the limits until I eventually get a BA. I still make six figures and know I can find a new job if it comes to it - as I've done repeatedly with limits. I've never balanced a binary tree for a job interview but I have "failed" online tests because I wasn't "fast enough" on code tests. I'm still employable and successful.