Thats probably true to a degree, however I think the system will breakdown this decade. Given current inflation rates, anyone with an IQ >120 will soon see that the debt/benefit ratio is becoming unworkable.
The last 2 employees my company hired actually game via github - we were using an open-source repo that someone had made and eventually reached out and asked him if he wanted to consult for us and add some features to his code...that lead to an ongoing basic permanent consulting gig.
> A selection rate for any race, sex, or ethnic group which is less than four-fifths (4/5) (or eighty percent) of the rate for the group with the highest rate will generally be regarded by the Federal enforcement agencies as evidence of adverse impact
https://www.uniformguidelines.com/uniformguidelines.html#18
It means that for tests with disparage impact you need good evidence that it is actually relevant, good luck proving that for IQ tests. So either you need to design an IQ test which doesn't favor any race, or you need to design an IQ test which looks like work so you can convince a court that it is relevant for the job. College can be seen as an example of the later.