A decade and a half of easy money leads to a lot of bullshit. I imagine many of those firms are your typical SV startup or wannabe SV startup that only exists due to easy money and doesn't yet have to make actual profit to survive. So they can tell themselves leetcode performance matters and get high on their own supply.

In my experience the higher quality non-FAANG firms who aren't wildly popular places to work and also need to turn a profit to survive tend to be more appreciative of qualified applicants and waste less time getting them started