What if there were a standardized 3 hour long 'algorithms and datastructures' certification that pulls from this same pool of questions, designed by panels of experts with FAANG-level experience, so when I go on the interview circuit, I don't have to go through the same process over and over again. You should be able to just present this cert that says you've passed a standard code interview. Does anyone enjoy the process enough on either side of the interviewing table enough that that wouldn't be good enough?
> pulling random coding questions from basically the same pool of questions
At least in my experience, my interviews had very little questions with single, defined answers and more open-ended questions (how would you design this? let's spend one hour pair-programming and set up a basic Django project) as well as being evaluated by actual developers instead of no-skill monkeys. This in my opinion tests your ability to actually apply whatever knowledge you had to real-world problems, while not disqualifying you because you are bad at memorising things (I will not even attempt an algorithm-based interview because I have no knowledge on the subject and no desire to research them either since it doesn't come up frequently enough in my job to make it worthwhile to learn them).