Overall, I do agree that the portfolio idea is a poor one as currently presented, since most lower-income students won’t even know about it while kids in private middle/lower school will start polishing it.
However, I really disagree that the “best EC’s” are those that take money. The best EC’s are those that show resilience, character, intellectual curiosity, ability, originality, creativity. Money facilitates that. But some things can be done that adcoms recognize as proof of what they’re looking for, even if (especially if) they don’t take money. There’s definitely a different standard for kids from rural and inner city background, which is normal.