Absolutely. But I also question the criteria of the hypercompetition, and the judges' valuation of the signals. Volunteer work in a Guatemalan day care center may indicate altruism and awareness, right up the moment when it becomes an aid, or a requirement, of Harvard admission. Likewise the school paper. Maybe the insistence on being "well-rounded" pushes kids outside a purely academic focus, and gets them exposed to things they might otherwise miss. But how much will a kid get from an experience without an interior interest? "Gotta go check the 'well-rounded' box."
Likewise I wonder about the curriculum they have to hit. If they are doing so much homework, why aren't they more numerate, why aren't they more familiar with the underpinnings of our literature and history? Why isn't Harvard conducting interviews in foreign languages?
We've made a grueling admissions process that measures compliance with a particular norm of social and political values, and tries to be "academically rigourous" without suggesting that particular topics are especially important or essential.
And why, exactly, is Harvard so much more important than Brown, and Brown than Wesleyan? The education available at these cannot be so different as the quality of the social network established. Now networks are extraordinarily important, but are the Harvard grads _learning_ that much more after college? or is the difference in their positioning for various status competitions?
It's hardly surprising that this process perpetuates the same status structure that determines its rewards and criteria. Those rewards and criteria are stated in vague but emphatic terms, which can only be judged subjectively. Is it any wonder that the process seems crazy? or that makes suspicious the very notion of "excellence" supposedly at its core?