Nah it’s still broken. Using lawyers as an example because that was my past career, 3-4 years of law school also doesn’t teach many practical skills. In fact, most of us took what amounts to a semester long course just to prep for the bar exam. And even then, you still don’t know anything!
As I shifted into tech, the hiring process didn’t surprise me but for the wrong reason. All I learned was software engineers put up with similar bullshit to lawyers!
All that said I don’t know how to fix any of it easily. Maybe no one else does either, and so here we remain.