No, it's about people choosing their own children-in-law and the parents of their grandchildren - probably at least as efficient a system for picking out certain good genes.
It's efficient, but it presumably gives a somewhat different set of advantages.
Most of the sociobiology I see (casual discussions online) seems to assume that reproduction starts with attraction between strangers.
I don't know what the proportions are, but arranged marriages wouldn't give nearly as much of an advantage to "bad boys".
I suspect it gives a much larger advantage to prudence, and it might give a bigger advantage to skill at negotiation.
There's a third category: choosing people who are from the same smallish social system-- reputation might matter.
I love seeing counter-evidence for everything. I estimate that while most of my beliefs are true (otherwise I wouldn't believe them in the first place), a small percentage is almost certainly completely false - and I don't really have any reliable way of telling the two apart.
Indiscriminatingly looking for counter-evidence for all of them can be very rewarding - the ones that are true are much more likely to sustain the assault of it than the ones that aren't. Yes, I might ignore counter-evidence of something that's false, or accept it for something that's true, ending up worse off, but it seems plausible that on average it should improve quality of my beliefs.
For example some of the standard beliefs about human sociobiology that seemed to be extremely widely held here are:
Charting Parenthood: Statistical Portrait of Fathers and Mothers in America disagrees with them.
These are not direct tests of sociobiological claims, so what we have is not exactly what we would like to, but I find them to be quite convincing counter-evidence. My belief in these sociobiological claims is definitely lower than before, at least as far as they concern modern world, even though I can imagine more focused studies changing my mind back.
More counter-evidence for things we commonly believe here, sociobiological or otherwise, welcomed in comments.