This is an age-old debate :)
No, definitely not. I think Winston Churchill said:
“Indeed it has been said that democracy is the worst form of Government except for all those other forms that have been tried from time to time…”
That’s how I feel about tech interviews: what the industry is doing now is bad, but it’s also better than most of the other approaches. It’s impossible to accurately gauge a yes-hire in a few hours. I think the general idea is companies want to find “smart people” as opposed to “good developers”. The best ways to really identify great developers don’t, in my opinion, scale to the size of these companies.