I don't agree but I think it's fair to say standardized tests are a very mediocre solution for measuring students' capacity for academic work at any institution that requires them, and few universities have the resources to develop and implement better admissions procedures and entrance exams that are more reflective of their institutional values on their own. It's much easier just to get on board the College Board gravy train.

My two cents are standardized tests greatly reduce the function of MS/HS education. They are tied to school funding, teacher effectiveness, local/regional reputation and create a trickle down effect from SAT/ACT > PSAT > state-level tests so that the worst-served students are practicing multiple choice and boilerplate prompts from February to May every year. And these students hardly even go to college if they graduate, so that's time that could have been spent exploring trades, developing life skills (civics, taxes), understanding how to cope with any learning differences, etc.

Then there's the fact that a student can be taught to bump their score past a nominal requirement, gain admission, take out loans and never graduate. Not necessarily the fault of the test but part of the overall complex.