You need to follow a pretty similar path to get good at competitive programming, which seems to be what that type of interview optimizes for. Know lots of optimal approaches to a large class of problems, and be able to very quickly identify and classify the problem you are given and apply those approaches to solve the specific problem. I agree this isn't really a good match for real-life work. I'm pretty happy with my non MFAANG job but I took up competitive programming as a hobby just so I can have options next time I want to change jobs.