It seems like a moot point since there are already too many people who can clear leetcode hard than there are available positions that require it.

It’s like scoring over 2 standard deviations on an IQ test, great, but by definition millions of people can do that.

Edit: I’ve heard HFT firms are now moving to doing it on paper in person to prevent any kind of cheating for their interviews, which would make it a better signal.