And even the whiteboard questions themselves are often taken straight from a site like Leetcode or TopCoder. Unless you're interviewing at a big five company, you're essentially performing a standardized test.
Yes, exactly. Companies treat this stuff exactly the way universities treat the SAT/ACT. But I'd alter your statement: the big players are the worst with this stuff. They care about nothing more than your ability to regurgitate CTCI answers at a whiteboard. One mistake on a six-hour loop, and you're toast.