Also, in certain groups, people will deliberately troll each other in order suss out how they’d act under pressure… and whether they can be trusted to perform as part of a team under pressure.
None of that is about seeing a person under pressure, because they do nothing useful with the information. At best, information is ignored and at worst, used to pick bullying targets.
Hazing is about proving your lack of boundaries and proving you are easy to make do what told. It is about picking people who won't tell "no" and will act as enablers when needed.
Which is why well run organizations do not engage in hazing. While organizations that do it tend to be the ones engaged in bullying in general - whether internal or external.