Step one, companies create AI gauntlet for their applicants.

Step two, those companies lose access to the top talent who will simply go interview somewhere else or get a job in some other way.

Step three, less scrupulous candidates start to cheat these automated systems. There will also be paid services helping you cheat.

Final outcome: most of the people who get to the actual interviews in those companies will be candidates with dubious skills at the actual job, willing and able to cheat corporate policies.

Unfortunately, this will take a couple of years to play out to its logical conclusion.

It's simply the next step in the 8-interview nonsense that seems to be common at least in tech: it selects for people willing to put up with huge amounts of corporate nonsense. Competence at the job is entirely irrelevant.