I am sick to death of CAPTCHA
I think we all agree with you there.
Also, don't be too concerned with my other comment. It's just bad form. You obviously didn't know that. Now you know that. No moderator actions were taken; you were just made aware of the convention. No harm, no foul.
Back to CAPTCHA...
They suck. At the same time, they're effective. They don't need to be as difficult as what you're describing, but they are quite useful -- for now.
The big thing about the CAPTCHA is what it's meant to do. It's meant to prove that you're a human and not a computer.
We have rapidly progressing 'AI'. At some point, that AI is going to be useful for solving CAPTCHA requests. If that happens, I don't know what will happen -- but it may mean sites stop bothering with CAPTCHA as a defense mechanism.
CAPTCHA is especially useful if you're also behind a CDN. As a site owner, you're pretty much forced to use some level of protection. If you accept UGC (User Generated Content), you definitely need protection. Allowing UGC opens you up to a whole lot of abuse. You'll be inundated with spam in no time at all.
We sometimes have Cloudflare configured to show a waiting page, and that may sometimes require a CAPTCHA to move forward. It cleans up a lot of the junk traffic and cleans up a bunch of the abusive traffic.