I would certainly hope that the barrier to entry for every job I applied for wasn't something so standardized (and quite frankly, useless). I would eventually point to a github repo with it done already. We wax poetic about DRY yet you're gonna ask me to repeat myself? Seems pretty hypocritical to me.
Degrees don't count for much in terms of experience. I've seen people with electrical engineering degrees (from good universities) ask which way the strips are connected on a breadboard. Many, many people go through university and get a good chunk of theory in their minds without any practice.
As for companies - if someone is leaving a well known company, you should ask why. Almost always there is a good reason for it, like moving to warmer climes, family commitments and so on. However, there should always be a fizzbuzz check to make sure the person wasn't let go because they were inept.
As an aside, a long list should also give warning signs if it's in a short period. If I'm hiring a 20-something and they've been through 5 companies I'd be wary. They may be a top notch programmer, but do I want to hire someone who will most likely jump ship in a year or two? Probably not.
If it seems so simple and useless to you because it's easy, then you are not one of the people who will ever be weeded out by a fizzbuzz style question.
Put it this way... Would you want to work with somebody who was unable to handle fizzbuzz?
>We wax poetic about DRY yet you're gonna ask me to repeat myself?
Some people can wax poetic pretty effectively without being effective at implementation. I've written a 1 line fizzbuzz python generator in less than 2 minutes. If one is too arrogant/uncompromising to take the two minutes to satisfy this (if asked), or unable to turn it into something interesting ("This is done with generators. I might never do it this way in practice, but the question you asked me was so mind-numbingly boring I had to do it this way to entertain myself"), then one probably won't work that well on an effective team.
Yet I easily forgot the person with a masters degree that could not pass, was hired anyway, and subsequently fired 3 days later for not improving an iota. I think my frustration is that people like this exist, forcing companies to give the same test to weed them out with no way to skip the question if you can faithfully prove you're not that person.