It acts as a filter so that people are only expending time and resources on ideas that will likely take hold and provide value to society.

Do you actually believe that this filter is working as intended? Or do you think it ought to work like that?

In a spherical society with no air resistance I can agree with you but it feels like it would be condescending for me to point out how this system that supposedly maximises value to society is in all likelihood going to kill your children’s children.