All people I know who have been good at leetcode have been good at coding (of course they may lack other important skills but that you can assess with other questions). You can't become good at leetcode without being good at logical thinking. But not all good coders are good at it because it also requires skills unrelated to the job to be good at leetcode.
I do not advocate for leetcode tests, but I think they have a bit unfair reputation. There are many worse interview questions.
I agree with you, for what it's worth. I think some of the "easy" leetcode questions are probably a decent filter, they're often contrived enough to force you t handle an edge case or two but simple enough that they should be solvable within a few minutes - they're a step above fizz buzz.
They filter for a few super important qualities - can you solve a simple problem, follow some basic instructions, write somewhat comprehensible code. But most importantly, if you get stuck, how do you react. If your response is to lash out and blame the questions or the interview, that's a huge red flag that you're going to react like that when challenged in the work place. I wish I wasn't speaking from experience.
Leetcode fits this too