And remember that we have side routes so real geniuses (of some kinds) can still make it: set up their own company, start their own political party, start publishing their work online, design games in their basement, and so on.

This is a really good point. It's good to have low barriers to this sort of thing. For instance, if you need to hire a lawyer and an accountant to set up your own company, then a genius cookie baker can't set up their own cookie shop unless they also have the money or connections to get the help of a lawyer and an accountant.