I think this is the point - that it's so easy to game (albeit a waste of time) and that this doesn't reflect on the quality of the hire coming through this process. Assuming this is the test for senior engineer, the greatest candidacy pool would be second-year CS students.
True, but I guess they are also judging our pliability in jumping through hoops, because even us senior engineers have to jump through many. To be honest, I'm probably not jumping through enough of them, cramming for a coding interview is one thing, but jumping in on every welcome!/goodbye! email is something that I really wasn't ready for.