>>However, in the recent years, I have seen this to be not working as expected.

It never worked, what do you think happens when you start asking these kind of questions in interviews? People just go out and spend insane amount of time memorizing solutions to interview questions on the internet.

They continue the same after you have hired them. So their on the job productivity remains low. Please note, they need to prepare for their next job in the current one.

So the only thing this results is in people spending insane amount of time preparing interviews doing very little work in their day jobs.