Isegoria points us to what I think is precisely the problem. It's not that the tests don't identify smart people (they do). It's that they fail to identify other smart people.
Isaac Asimov (a smart guy) once did an article about how IQ tests have been historically stacked to exclude "undesirables". I can't find it, but the gist was that much of the "what you're expected to know to be considered smart" is culturally selected. Isegoria's find demonstrates that in spades.
And really it all boils down to smart is as smart does. The world is filled with useless "smart" people and useful "dumb" people. This is why I find the whole IQ game more than a bit tiresome. And I say that as someone who would probably score decently well on their dumb little tests.