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
This is more so because the US companies have been flooded with East / South Asian workers. The proliferation roughly tracks with a decrease in white (European) American representation in tech companies. US companies used to be much more like you described.
AtlasSian? Canva? Absolutely the same process in Australia. Smaller shops/contractors - sure.