I think we can both agree that interviewing is overdue for a radical reboot. Silicon Valley, disrupt interviews, please!
That said, there are places that don't interview the way you describe. I'm equally sure there are places that do (I vividly remember my Dropbox interview). My hope has always been that Darwin's Law will apply to such places over the long run, but instead I think what actually happens is that as these organizations grow the interview process just ends up being a diluted version of the same BS, which translates into "lowering the bar." Nevermind that your bar was curvier than Lombard Street.
That said, there are places that don't interview the way you describe. I'm equally sure there are places that do (I vividly remember my Dropbox interview). My hope has always been that Darwin's Law will apply to such places over the long run, but instead I think what actually happens is that as these organizations grow the interview process just ends up being a diluted version of the same BS, which translates into "lowering the bar." Nevermind that your bar was curvier than Lombard Street.