That’s not a fair characterization of how most companies (well, at least FAANG) do algorithmic interviews.
A good algorithmic interview does not test algorithm trivia. The question should be solvable with only strong structured thinking and fundamentals.
For example, the much-derided “reverse a binary tree” question (I don’t ask it but I think it’s reasonable) doesn’t really require a ton of algorithm trivia. The data structure can be explained in a few minutes and the problem definition can be made super clear and crisp.