I actually think this would be a good way to run admissions at ultra-selective elite universities - places like Harvard or Oxford where getting in or not can make a huge impact on the entire rest of your life. Everyone knows the evaluation process is bullshit and highly dependent on luck, so why pretend otherwise? Just discard those applicants who don't meet some minimum objective standard (SAT scores or whatever) then pick the remaining names out of a hat.

It's never going to happen, but still. If people don't like it then maybe the solution is to improve the quality of other universities so that getting rejected from Harvard isn't such a big blow in the first place.