This might be an unpopular opinion, but I actually like the current format of 1-2 phone interviews + 4-5 onsite interviews, most of them Leetcode style. All other solutions seem to just increase subjectivity on hiring decisions and make the interview more gameable.
Take home interviews are horrible if you are interviewing for more than one company at a time. It will take a lot of time if you are serious about it, and it will test you much more on how much you dedicate yourself to the problem than on what's your actual skill.
Also the fewer interviews there are, more is the importance of subjective and unjust metrics. I received offers from large (and somewhat good) companies with 1-2 interviews because of my resume. Although I personally benefitted from that, I think it brings a lot of problems for people who went to bad universities/companies, and that is not worth it.
Take home interviews are horrible if you are interviewing for more than one company at a time. It will take a lot of time if you are serious about it, and it will test you much more on how much you dedicate yourself to the problem than on what's your actual skill.
Also the fewer interviews there are, more is the importance of subjective and unjust metrics. I received offers from large (and somewhat good) companies with 1-2 interviews because of my resume. Although I personally benefitted from that, I think it brings a lot of problems for people who went to bad universities/companies, and that is not worth it.