That is argument from authority. How is it exactly a test of IQ? It does nothing to discover new realities. The test only explores that if someone can solve a given problem in a time sensitive manner. And I am too arrogant and too cocky now to solve these kind of things cuz it wont benefit me.
I personally never got such crap on my interviews. Puzzles are good for a child's brain only as it is developing it teaches some problem solving skills. Thinking and critical reasoning encompasses more than just problem solving skills.