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My startup failed. Then I found out I was unemployable
3 projects | news.ycombinator.com | 13 Apr 2021

So it took a few days for what you said to sink in. And there were a few other information sources that combined together to bring me to the conclusion that you're right.
I've actually started writing a self-study course on passing the FAANG, as a trained educator with a bachelor of Education and five years experience as a high school teacher, I think I can make a fair shake at designing a series of free learning materials on the subject.
I started inviting people along and have built up a list of about 20 people who've at least SAID they'll stop by to my live streams (once a week) to discuss the problems of the week.
It's going to be a structured course https://github.com/AlexChesser/faangterview-preparation-cour... I'll be releasing under MIT.
I don't know that the switch would have flipped in my head about the ROI of the FAANG interview.
As I said, it took a couple days to actually sink it but you have completely changed my mind. I now completely agree with you that they are worth doing for a number of reasons, many of which aren't financial at all.
I see them as equivalent to the Bar exam for Lawyers now. Would you hire a lawyer who said "I don't believe in the bar?" (I think we've seen how that played out with the Kraken lawsuit!)
Would you go to a hospital that said "We don't believe that doctors need to have done the USMLE"?
In both cases hell no!
You're right. This is not arbitrary or cruel, it's just a professional qualification. Sure there's some luck involved, there's the chance of personality conflict. There's all sorts of potential downsides... but there's also the upside.
Being better at my craft overall is the ultimate reward. If I'm a better developer overall, the money will follow regardless of whether I get in to a FAANG