Yet most companies interview as if they are inventing novel storage/processing mechanisms. Theory is important to understand which tools to leverage when, of course, but not to the extent that it's typically prioritized in the typical interview.
I've had plenty of people crush the theory portion of the interview and be poor performers on the job (slow coding, low volume output), but I've never had somebody crush the coding portion (implement very fast and proficiently), and perform poorly on the job