The theory is that you are selecting yourself to do things you like, which you just happen to do at the highest level.
This was fine in America for a long time, but
1) As colleges degenerate from being an intellectual addition, to a pre requisite for jobs well paying or not
2) several classes of jobs disappear, especially those which could be done by common sense and training
It results in posers. People who are high functioning, cynical and clear about what it takes to live a decent life.
I probably point it out a lot on HN and other places - but you see this in action in India and China (and other developing nations).
Very few people actually are interested in doing math or math derived work all the time, but if they don't society and the jobs market will be unmerciful.
So they pretend. They hate it, assume everyone else is pretending, and go through the basic motions required to get to the other side.
These are the people who are badly affected by the whole process. The ones who would not have been happy becoming engineers, lawyers or olympiads.
But that's the game, and people will always play it.