I've 20 yrs of work experience in small to large tech companies and thinking of switching to a new company. Even I'm expected to be swift with leetcode style questions. Now, it's not like I can't do it; I've been an IC for most of my career and have a good background in DS and algo (Master in CS), but it takes time and effort and above all it's terribly boring. I've practiced 200 questions (including 150 from neetcode.io) so far but still don't have the confidence because I need to resolve them; repetition is the key. If you lose touch for even 2 weeks due to work/family commitments, you lose the streak/form. It's particularly tough for senior people. Some say, move to management, but then this is first not a good reason to move to mgmt, and secondly, if you think you can escape leetcode by moving to mgmt, you're in a shock.

Our industry is in a weird phase. I undersand that it's difficult to weed out thousands of candidates without these tests and quite frankly these tests are independent of the domain you work in which can be both good and bad.