I think this is just a logical conclusion of the US's wider mentality towards higher education. It seems to me that the US considers the main purpose of a high quality college education is to produce good economic and cultural elites. Thus, the focus for these colleges is on identifying and fostering 'good citizens' - those that have the highest potential to be shaped into a well-rounded and ethical stewards of this…
My proposal is then: the top X% of students based on test scores will probably have roughly similar intellectual skills, and the much more gifted 0.1% of students are not going to be revealed simply through test scores, examinations, or admission essays. So my solution: take the top X% and filter them through a lottery. In that way you can motivate students to achieve a certain baseline minimum while also minimizing the stresses of college admission (although for this to work well you also need to ensure that universities throughout the nation are funded, supported, and operated more equally, so a talented student who failed to get into one of the top-rated schools because of bad luck can still get a decent-enough education, and then transfer to a better school later)