@twoin18 You’re right, that’s exactly what I meant! 
I’ve never though about ECs that way, but yes, you’re right – the ceiling effect on the ACT/SAT and most AP tests makes it impossible to winnow out the best students academically, and honestly, I think most people prefer it that way; who would want to take a test where even fewer people get top scores than they already do?
Overall, I would agree that including ECs and non-academic abilities in the college admissions process does, in general, benefit US students compared to other countries. Some may view college admissions here as cutthroat, but imagine taking the gaokao in China (which has driven many students to suicide, sadly) or even the baccalaureate in France (where about 12% of students fail senior year). And, due to social objectives and the sheer size of our country, America has so many universities that each looks for different things, so there really is a wide spectrum of college choices (English students choosing between Oxford and Cambridge don’t have that luxury). On the flip side, we have such a large population that not every exceptional student can go to, say, Harvard, hence the anxiety.
Like I said, I don’t think there’s a way to really change the system, but I think much of the rhetoric around college admissions could change. Actually, I think it goes beyond colleges – I read an interesting article the other day about how modern Americans expect their careers to provide personal fulfillment, as opposed to just money, and ultimately experience burnout and disillusionment that did not exist in the past. A lot of that really resonated with me in terms of the college process as well.
@privatebanker, I think it will be interesting to see how/whether the recent college admissions scandal changes things! Most kids I know don’t even think about the most elite colleges, honestly, but even without the Ivies and T20s, there’s still a lot of prejudice towards students who go to a state school versus out of state or private, despite ~50% of the senior class going in-state (and as much as I try, I’m “guilty as charged” too!).
At this point, truthfully, I think it’s gone the other way for me. I did apply to some “elite” schools, but even in the unlikely event I get in, I’m not sure if I’d feel comfortable at a school that propagates many of the same ideas that at this point I’m sick of. Sort of like fair trade chocolate – what matters more, the product or the process by which it is produced? I can’t honestly say that I know.
@MusakParent, that really means a lot, thanks! You just made my day (and possibly my month, depending on how all those applications turned out!). Like I said, I’ve spent waaaay too much time thinking about this, usually when I should be sleeping.