> But I attended a better school, benefited from years of stronger teaching, had access to better preparation materials, and had supportive parents with disposable income to invest in my education...Is it a university’s job to account for [my advantages]?

I would argue: no. There are always applicants with even more advantages than you, and those with fewer.

Standardized tests level the playing field IMO. Money can only help you so much. Talent and hard work become the dominant factors.

Mommy and daddy can't pay for expensive hobbies, finagle unpaid internships at prestigious non-profits, or anything else. Personal tutoring for standardized tests has diminishing returns compared to just grinding. Think Leetcode: how much does coaching help a SWE vs just being good at coding and solving 2000 problems?

Now you may say: under-privileged students often have less stable home environments. So they have less time to grind problems. This is true. But it's also true for admissions as they're done today. They have less time, money, and opportunities for hobbies, volunteer work, sports, and internships. They can't hire essay coaches or admissions consultants.

Thrusting students into a more challenging academic environment than their current demonstrated abilities merit doesn't help anyone. On the other hand if poorer students can demonstrate merit without spending much money, just by writing a single test, this is as egalitarian as possible.