It's almost 100% that they fail the interview because they don't know how to put the learning into real world solutions.
My past company had a huge pile of credits for certs because they valued them and I figured “I’ve been working with AWS; why not?” I didn’t study or prepare at all and went in using only the hands-on knowledge I picked up over my career.
I came out with all the associate certs, the AWS solutions architect pro, and their network specialty.
As a hiring manager I find certs to be a neutral indicator: you at least have to know the material to get them, but plenty of people learn the material hands-on, not from books.
As for why companies need such partnership: it speaks well to managerial types, therefore helps win contracts.