where i come from, university admissions are determined exclusively by performance on an exam you take after high school. it's meritocratic, and the work it involves is much more sensible IMO: no leadership/well-roundedness/whatever theater, and in the ideal case, it only lasts 1 year.
also, this grind is barely meritocratic. all these extracurricular activities show is you had a solid family supporting you. it's literally impossible for a poor kid to participate in this. they can pick up a book, OTOH. yes, it'll be harder, it'll take longer, and they won't do as well as the rich kids with test prep, but they are given the opportunity to try.