I have definitely seen senior developers put quadratic and even exponential algorithms into production and cause global outages. Code review didn't help, because their code was reviewed by other people who were interviewed to the same low standard.
I continue to insist on algorithm & data structure interviews for software engineer candidates. Not every project needs them as much, but in large enough institutions, every engineer is likely to run into at least one project that does. If they can't figure it out and can't get help from someone who can, their weak solution can easily cost the company and its other engineers far more than it would have cost to interview engineers properly and compensate the fewer qualified engineers commensurately.
There's also a difference between "don't interview for algorithms at all" and "interview for algorithms but occasionally accept an engineer weak in them". In the former case you're unlikely to get lucky enough to end up with any engineers good in algorithms, in the latter case some engineers can help others with algorithms, hopefully in exchange for other relevant skills. In other words, it's worth interviewing to make sure certain mixes of skills end up on your teams, not necessarily as a hard cutoff on one skill that means you pass on other candidates with other skills.
I continue to insist on algorithm & data structure interviews for software engineer candidates. Not every project needs them as much, but in large enough institutions, every engineer is likely to run into at least one project that does. If they can't figure it out and can't get help from someone who can, their weak solution can easily cost the company and its other engineers far more than it would have cost to interview engineers properly and compensate the fewer qualified engineers commensurately.
There's also a difference between "don't interview for algorithms at all" and "interview for algorithms but occasionally accept an engineer weak in them". In the former case you're unlikely to get lucky enough to end up with any engineers good in algorithms, in the latter case some engineers can help others with algorithms, hopefully in exchange for other relevant skills. In other words, it's worth interviewing to make sure certain mixes of skills end up on your teams, not necessarily as a hard cutoff on one skill that means you pass on other candidates with other skills.