Additionally, if the candidate gets totally mired you don't have any way to give them a nudge, because you don't know what to do either.
Unless this is just a test of pair programming -- and without expecting to reach resolution of the bug -- it doesn't really sound useful to me.
Then many bugs that appear simple might be a lot more involved. I have looked for easy bugs in my favorite open source projects, there are not many. All low hanging fruits get taken care of immediately in popular projects.
Then there are many semi-abandoned projects, so even if candidate fix the bug, it may not go anywhere.
And if you do find actively developed project, how long before maintainers accept the bug. Are you going to wait and see how candidate answers maintainer's questions and get their changes merged in?
Are you going to pay candidate for the work? Otherwise, if this becomes common, companies may take advantage of candidates to have them fix bugs in softwares they use.
2) Given the above, people have day jobs, families and lives - and a limited amount of time for the unpaid games you invent for them.
3) As someone else mentioned, many company make OS work against policy - even on your own time. Might not get caught, also might not be worth it.
I felt like it was a pretty good real-world test.
A bug in any piece of non trial software could involve a ton of investigation / research as the candidate doesn't know that code base...
You could accidentally give one candidate an absolute nightmare of a bug, another fixing a fairly lame typo.