Given that it apparently was (is?) being used as an HR screening tool, I'm afraid it's not always harmless conversation fodder.

Eh, just learn the test well enough that you can figure out what they want, and then give them the result which gets you hired.

In general, investing energy in deceiving people would have a greater cost than landing one job vs another would have a benefit.

not it wouldn't. it takes no effort at all to see what people expect or game these tests.