I think there's also a growing realization that, along with what you've said, putting large emphasis on leetcode skills, or using leetcode at all, is not leading to the best hiring results. That doesn't mean leetcode shouldn't be used in interviews --- I'm sure, for better or worse, leetcode style questions are here to stay in tech interviews; but, that there's a growing sense that people who are simply good at binging and purging leetcode might not be the best fits for experienced roles that require experienced skillsets.

It's partly the result of software dev as a field maturing (quite literally, most are now older) after the ZIRP bonanza of the last couple years.