That feels like a fairly narrow view of what the purpose of a university is.

Look at the charter of any university and they do not just say: "create students who excel in their academic subject of choice".

The vast, vast majority of higher education mission statements/charters include goals like: "helping students develop their identity", "pursuing meaning", "strengthening community", "sharing perspectives", "helping others", etc. etc. etc.

Things like "can this person work on as a team (did they play sports?)" or "have they been a part of a community (like marching band?)" are hugely important for building a community at the university that can successfully achieve those mission statements.