Investment banks and consulting firms almost always ask for your SAT scores when I was coming out of college. It's just another filter to "guess" how smart you

Investment banks and consulting firms almost always ask for your SAT scores when I was coming out of college. It's just another filter to "guess" how smart you. It's unfortunate that most firms assume high SAT score = high IQ. But put yourself in their shoes... if you receive 500+ resumes per school, and you only have time to interview 24 candidates in the first round, and 50% of them have 3.5+ GPA, what do you do to narrow down the interview list?