I took the backend test expecting programming and SQL, but it was hard-core DevOps and SysAdmin. Had nothing to do with programming a backend system. I know a little about working with command line and admin, but using tools to orchestrate 100 servers isn't something I know about.
My impression is that it's built with a very high failure rate built-in, targeting people who have a very specific and easy-hire background. I'm not really sure if someone of this talent level would really need Triplebyte.
AFAIK when most recruiters talk about placement rate, they're not talking about "engineers who we worked with who happened to get jobs," they're talking about "engineers who we placed and received payment for the placement." While Triplebyte hasn't explicitly stated that distinction here, I think a good faith reading of that phrase would suggest that the 40% is actually people who are getting jobs through Triplebyte.
Things may have changed but when I did it I think ~2 years ago the projects and in person bit were much harder than the initial quiz, I'd expect the drop off to be higher.
Edit: I admit didn't pass the in person part and I have some issues with things I think were held against me when it was more confusion about what they were looking for, but overall I thought it was a great process and have recommended it to people.