Most bicycle people including myself feel that way. However, what I like about this attempt to make bikes safer (ie turn signals and the like) is that it might make people who don't feel safe on a bike actually ride their bike. Bikes for everyone!
I have less experience (~2 years), but I tend to use these projects to add to my projects page on my portfolio and I try to add something to each project that I don't already know, like Typescript or such.
That being said, I think they're a massive waste of time, especially positions that don't exist or that they already had decided against you. I've had two of them in the last two months both of which didn't lead to phone interviews.