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It's no longer about skill, it's only about gaming the system.
The companies ask that candidates learn how to solve algorithm problems and the candidates do it.
I would call it “everyone playing a game they agreed to play by the rules they agreed to play with.”
And I don’t know what you mean by “it’s no longer about skill.” It still takes a lot of skill to be able to solve hard algorithm problems, even if you took a course on how to solve them and practiced solving them for 6 months.
When you audition for an orchestra they give you the sheet music ahead of time. It doesn’t mean you have no skill if you practice first instead of just showing up to sight read the music.