Ah, but, the road to becoming good at Leetcode/100m sprint is:
>a slow arduous never ending jog with multiple detours and stops along the way
Hence Leetcode is a reasonably good test for the job. If it didn't actually work, it would've been discarded by companies long ago.
Barring a few core library teams, companies don't really care if you're any good at algorithms. They care if you can learn something well enough to become world-class competitive. If you can show that you can become excellent at one thing, there's a good chance you can become excellent at another thing.
That's basically also the reason that many Law and Med programs don't care what your major in undergrad was, just that you had a very high GPA in whatever you studied. A decent number of Music majors become MDs, for example.