It is funny. Let’s say you have an MIT PHD computer science grad with a 4.0 GPA. The 8 years of verifiable performance means nothing. The competitive coder would blow them away in an interview.
A PhD is intended to set you up for an R&D type job. It depends on what kind of education the competitive coder has of course, but if they are interviewing for the same types of positions, the scientists isn’t exploiting their competitive advantage.
Fizz buzz gets ‘em every time. The competition code stuff was more of a culture test. It’s gotten weird now because people outside that culture now memorize problems to get higher-paying jobs.