All relevant points, and some are even self evident. But that was not the point of this discussion. The original question, posed with the intention of starting a conversation was
Instead of relying on admissions counselors, generalists and committee votes from non academics, should undergraduate programs, particularly elite undergraduate programs rely on faculty to bring in students?
There are many stakeholders in the admission process. Your comment applies only to one stakeholder. The University administration. How about the students, their parents and peers, the professors, the high schools, the community, the employers etc etc.
Does the way in which top colleges do it now work for these other stakeholders? I’m not so sure. Again, there is no “Right” answer here, but no harm in examining the issue