Do you want the industry to go back to only hiring from the top ~20 schools and by word-of-mouth networking? Coz that's the only viable alternative to the current interview process.
Depends on what your definition of "good jobs" is but I know plenty of people from no name unis in third world countries who landed well paying jobs in FAANG thanks to the current process.
This never stopped and is still the case for "good" jobs btw.