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I've been asked to do a few of these a while ago while searching for a job. Don't remember if I did HackerRank though.

I don't really like it. I scored well in most that I did, but as some folks mentioned, they either test the wrong things, or have horrible UI's.

Also, there are some that end up having multiple choice answers that are really badly done (bad question syntax, having 2 correct answers, outdated questions, etc).

I personally refuse to do any of them nowadays, even if I am really interested in the company. I just can't justify the time and (in case of badly done) frustration so companies can' save a bit of time.