What is your confidence level that potential base level candidates can write a bubble sort function? (and is that at all important to you?)

I don't care if they can write bubble sort off the top of their head. I do care that when they were in class, they had to go through the exercise of implementing bubble sort in their algorithm, realizing that they had an off-by-one error, identifying the problem, and fixing it. School is like working out at the gym, and AI is like bringing a forklift to the squat rack.

For a random person without relevant experience or education ~0%. The reason we care about education and experience is because it improves the odds they are worth interviewing.