Perhaps tests are to make sure that you are a going to be colleague worth consulting then? Yes, pure memorization and recall of facts is less valuable now than before, but knowing how to apply the facts available to you is still a skill worth having, and similarly worth testing. Those skills can also be assessed using written tests, and the potential for cheating is just as on memory tests.
what is the point in artificially creating a test situation where the student is isolated from resources she'll have at her disposal in real life
Let's take language learning as an example: do you consider a foreigner with a dictionary to be just as expressive as a native speaker? Perhaps there is value in testing the immediate knowledge of the student rather than their lookup skills?