Currently SWE interviews are 25% IQ test, 25% a handling-of-short-term-pressure test, 25% a “shit test” (or, more neutrally, “behavioural screen”) to see if you’ll handle gracefully the indignities of being a subordinate in a dysfunctional hierarchical corporation, and 25% pure noise according to the technical prejudices of the interviewer.
Since most SWE jobs are Jira jobs that don’t actually require much IQ, that part could be taken out of the interview process. But whatever replaces it will be worse.