Hilariously not in many cases. One of my old jobs introduced leetcode, particularly trees for interviewing. Nobody currently there could solve those.

But a new engineer was assigned to handle interviewing and it was all about a couple of leetcode problems he found on the internet.

If they put together most of the team another way, then it would be fine.

My prior company would have interns do leetcode and system design. Intermediates and up had some paired code writing and a far less formal system design discussion.

Most of the team might have been hired through a network and you only get leetcoded as an external unknown.

Where I work our team gets to review applications (pre-filtered) for candidates we are interested in. Those candidates are then given a general technical exercise. We get to review the results and ask follow up questions, but we basically get zero input into what kinds of questions are asked. I could 100% see a scenario where the people who manage the recruitment process replace that general exercise with some third-party online solution like hacker rank or whatever.