I like your optimism but no - you are still hired via "excels at hackerrank", every big tech company first interview is exactly this, no matter how many projects your delivered and how useful you are/were at you previous job.
In more minor markets like Europe/Australia it seems to be a lot less leetcode and a lot more (1) experience (2) degree (3) actual interview performance
This seems to be largely an American phenomenon
In more minor markets like Europe/Australia it seems to be a lot less leetcode and a lot more (1) experience (2) degree (3) actual interview performance