I spent 15 hours building a three-statement model for a take-home assignment, and the firm didn't even give me five minutes of feedback. They sent a generic rejection email three weeks later. I’m done being the unpaid intern for multi-billion dollar funds. Should we start watermarking our take-home models to prevent theft?

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If you're building models in this way as an application for multi-billion dollar funds, I promise you that they aren't using your model. Three statement models are a baseline requirement that weeds out a lot of entry level candidates. They're testing one or more of a few things:
1) Are you building from scratch, or are you building from a stashed set of base models and tweaking to a situation. The latter vastly reduces build time, and time is money.
2) Do you truly understand the relationships among the statements? This will come out in your formulas, and is an indication of how well you understand modeling general business.
3) Given their request, do you select appropriate modeling techniques and drivers? This will give an indication of how well you can adapt to the specific business you are modeling.

Funds don't have time to wait for models. They want someone who can transform a business into a model that balances appropriate complexity (to deliver accuracy) with efficiency (to deliver quickly). I obviously haven't seen your work, but you are being rejected without feedback, perhaps consider how well you deliver in these areas.

It also may have nothing to do with your modeling...could be your work experience, your pedigree, or none of these and someone else just had more of whatever they are looking for.

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😬

Agreed with the poster below.
You probably missed something on BS (usually where mistakes are made) and they decided to go with someone more qualified.
Get another year or two of experience and try again

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