> It's because a lot of attraction is based on things that photos and profiles can't convey.
Especially for men. The worst thing is the imbalance. Compatibility in a long-term relationship is certainly based on factors other than looks for both sexes but, like it or not, all relationships start with basic attraction. Women's basic attraction comes from their looks in the vast majority of cases. But for most men, it has to come from somewhere else. Usually status, power, ability, humour etc. So it works absolutely fine for women, but is a complete non-starter for the average man.
I'm not surprised speed-dating is more efficient. My experience with online dating is that even if I find a woman physically attractive I might not find her attractive in real life. We might simply not hit it off, or there can even be other factors like smell that are off-putting. Speed dating eliminates those immediately as well as allowing people to show off non-physical attractive qualities. I still don't think it's optimal for men, though. The best way is to get good at something and show it off in public. Like playing in a band, public speaking, leading and commanding respect of other men etc. That can make otherwise physically repulsive men attractive. There are countless examples.