There are two conversations that seem to be intertwined here: the value of AP classes for most students that are applying to most colleges, and how AP courses are part of the intense pressure at the top of some high school classes and at the admissions office of most elite colleges.
These courses are very important to kids from average (or worse) high schools who want to measure themselves against the larger world. They can hack off course requirements that take time and money that might be in short supply. I think AP courses are doing what they’re intended to do for this group, both in helping the schools offer better material and getting the students a rolling start towards college.
But at the elite high schools and at the very top of most above-average high schools it’s really hard to get near the top of the class ranks without taking as many of these as possible. You can’t get the max grade points from the lesser courses even with perfect performance. And because the B in AP Calc is not always viewed the same as the A in Just Calc by a college, it raises the cost even higher. Finally, while colleges may say they don’t want the max possible, they all want to see some effort to take the hardest courses available at least some of the time.
I guess what I’d propose is to limit AP courses to two per year and make kids choose the ones that suit their interests rather than just whatever they can fit into their schedule.