Sigh, I've been on the receiving end of that multiple times. :)
In some companies (the ones that aren't just cargo-culting or on autopilot) I'd bet that someone in HR/compcommittee consciously intends it to be hazing rather than evaluation. Maybe theory like that it makes the company psychologically seem more attractive (the brain thinks, if you're jumping through hoops for them, there must be a reason), and to take candidate's ego down a notch so they're less demanding in compensation negotiation.
In some companies (the ones that aren't just cargo-culting or on autopilot) I'd bet that someone in HR/compcommittee consciously intends it to be hazing rather than evaluation. Maybe theory like that it makes the company psychologically seem more attractive (the brain thinks, if you're jumping through hoops for them, there must be a reason), and to take candidate's ego down a notch so they're less demanding in compensation negotiation.