I think this bothers everyone in the industry. Even if you're a "10x" you're working 120% of your time on fairly specialized things. Now you have to put in extra work if you want to switch jobs. It creates friction. Maybe the 10x prepares for the interview in 2 days vs. the 1.5x taking 6 weeks but the 10x doesn't have 2 days and the 1.5x I guess has those 6 weeks ;)
I wouldn't call the coding interview "merit-based" selection either. At least not until we show any sort of relationship between success at that style of interview and the stuff we think matters more. I don't think we're seeing any sort of boom of quality software that has followed the changes in the way we interview, if anything, the opposite.
But you're exactly right in some sense. Back in the dot.com hay days we used to joke that if you had a pulse and could type you could land a tech job. It's sort of back to that. The industry needs a lot more good developers than what we have.