I do think it'd be smart to support programs for gifted students and to screen for them. Those programs should be available to anyone in the US who qualifies regardless of where they live or what kind of money they have. Every student should be allowed and encouraged to reach their potential.
Your first point is in tension with your last point. A large fraction of the student population has a low ceiling of potential, and it’s very expensive to try and push them past that ceiling. The focus on doing so sucks up vast amounts of money and teacher attention that then gets pulled away from gifted kids.
That’s why sober and clear-eyed countries like Germany conventionally sort students into tracks starting around age 10.