What's even the point of this exam??

Yeah this is a rant,

So I scored 99.48%ile in CAT this year. I'm an undergrad with a 9/9/7 profile. I don't have much idea about CAT, but I really thought that this would be enough to get shortlisted from some of the top IIMs. I didn't receive a single call for PI from any BLACKI institute or heck even Rohtak or Shillong. GEM feels like a curse honestly.

Luckily I wasn't heavily invested in CAT, it was just a backup and I have a decent job offer in hand, but it's scary to think how little opportunities there are. If you can't even get shortlisted after being in the top 1k-2k of a merit based examination, then what's the point?
My score was more or less a lucky shot without preparation but I have seen people prepare hard for this examination, so many of my friends put in all their efforts and time for it and did not receive any meaningful calls. I can only imagine how frustrated those guys must be. It's so unfair.

At this point, why even bother conducting the exam? It might be better to randomly select candidates to fill the seats of the best institutes in the country.