Correct me if I’m wrong,
but the track records for the ACT and SAT have been very good
in predicting the success of those entering college. At least before the era of test tutors and practice tests... ie, when I took it.
There are some who'd like to dispute that, but I believe you are correct.
There was a recent thread about the new version of the SAT the other day, which said that adding an essay didn't make it predict success any better, but it's still a good predictor nonetheless.