I can't think of a single other high-paying profession that pulls this shit.
I live in Los Angeles where companies never did this type of interview when I last got a new job (4+ years ago) so I had to grind LeetCode for several months then didn't get the job I studied for even though I got all questions right (I was a little slow on some of them). I kind of resent it because I know my time can be much better spent (keeping up on security topics for example).
The process is so bad it makes me hope to be no longer doing software development as a employee sooner than later.
I used to be a software developer and an architectural firm (that designs buildings). The architects plus engineers had to go through 5 years of college, do years of on job training, all before they can be licensed.
I felt kind of bad for them though because I made more then most of them before I was 21.
The interviews are crazy though. The last big company I worked at had a "probation" period. For Sr Software Engineers we would only do a single 1 hour interview. But if they did not do well in the first 90 days we could fire them.
Seems much better than telling people to study leetcode hours per day for 2 months prior to an interview.