If there was a checklist that you'd go down to help the University system implode "remove testing for academic aptitude" is probably right before "all objective measures of performance are banned". At that point who the hell can justify paying $150k+ for a "degree"?
Edit: pasting this from my below comment.
I think people are misinterpreting my comment as suggesting elite parents would've been against this - far from it. They absolutely wanted this because now it's easier to hide middling academic aptitude from admissions boards at elite schools.
To be clear: Removing this test helps elite parents, and hurts those who can't afford spending money on "summer experiences" abroad or poverty tourism or whatever.