If it helps any to know this, I get compensated at least as well as Microsoft (or equivalent) companies provide and have never had to do a single leetcode interview. I've never even been asked.
As near as I can tell, leetcode is used by a certain subset of the industry. But the industry as a whole is much larger than those companies.
I don't know what the bounds of leetcode are but can you translate that into something that would make sense in other domains?
Like if you wanted to hire a musician, you might want to hear them play first. Is that completely unreasonable?
(A plumber might be a closer comparison).
They inform you that your interview is to build a bridge with the sticks and tack that can support the bowling ball rolling across it.
(Yes, I know the age-old argument that 'real' Engineers are accredited and all that, but I still think the example shows how ridiculous it all is)
That's absolutely reasonable. But Leetcode isn't at all equivalent to that. Looking at examples of your work is.