Years ago I saw versions of this kind of test at retailers where one of the going concerns is that people above a certain level of intelligence are eliminated not because they are likely to steal but because if they decided to steal from the company they would do so in a way that might not be as easily detected.

That reasoning doesn't really make sense to me. One could also justify discriminating in a racist way with that. I.e. the rule "If your skin is darker than this, you are out." could also be applied to every candidate equally.