I actually think the SATs are a good thing because they allow a theoretically objective and color, gender, etc., blind metric. Originally, the SATs helped Jews to get into the Ivy League despite the desire of WASPs to keep them out. But, you make very good points.
Not everyone does well on tests even if they are smart - I think women suffer from more test anxiety, for example, and that's one reason their average scores tend to be lower. And obviously not all topics are equally interesting to all children.
I have friends who home-school their kids because they want their children engaged. One friend of mine (who is black) had a daughter who was doing miserably in school. She started to home-school the child and she excelled - she needed material that challenged and engaged her and she wasn't getting it in a public school.
Another friend of mine, who is white, home-schooled her four children and would ask me to sometimes teach a class to them since I have strengths in areas she does not. It's amazing how much more attentive the children were when we discussed things that interested them.