Test prep is somewhat helpful for some people but some rich kids can't test their way out of a paper bag.
Standardized tests are a route to social mobility for some. This guy
https://en.wikipedia.org/wiki/Jim_Webb
came from a hardscrabble background in Missouri, standardized test results helped him get into the Naval Academy, he was a marine lieutenant in Vietnam, got a law degree, spent a lot of time in Asia as a journalist, wrote some novels including one about a guy who becomes a US Senator, actually became a US Senator representing Virginia.
There is a lot of concern that attempts to get kids into gifted programs other than through testing will be influenced greatly by family SES
https://ny.chalkbeat.org/2021/2/17/22288448/nyc-gifted-admis...
There was that time I yelled at my son when he was a toddler and carried him under my arm out of a grocery store and somebody called child protective on me. They sent somebody to my house and fortunately my mother-in-law had just been cleaning and the house looked absolutely spotless, full of books, horses grazing in front of the house, at least middle if not upper class. They had no idea that my house doesn't even have central heat!
Had they come to a hovel I could have had a very different outcome. They interviewed people and had a short investigation but based on appearances they saw what looked like "a good home" and might have gathered we'd have resources to fight them in court.