It's actually about general intelligence, aka "g," of which IQ is a standard measure. Why g Matters: The Complexity of Everyday Life. (h/t hbd* chick).
Unfortunately, g turns out to be highly heritable. Wiki has a good introductory discussion of g. As they say:
The practical validity of g as a predictor of educational, economic, and social outcomes is more far-ranging and universal than that of any other known psychological variable. The validity of g is greater the greater the complexity of the task.
When I applied to medical school, they gave us an IQ test and a personality-oriented interview (along with the usual exams we all took).
For every kind of task, g is the best single predictor of performance. Not the only, but the "best single" predictor for performance in all life settings (but diligence, adaptability, social skills, judgement, emotional maturity, integrity, collegiality, ability to delay gratification, sports skills, appearance, and all the rest of individual traits and talents and psychological traits obviously matter too, to varying degrees).
Related, The 5 Unique Ways Intelligent People Screw Up Their Lives. If you think you're too smart to need this, you're who it's aimed at.
When 90% of people were dirt farmers, or hunter-gatherers, etc., these distinctions did not matter so much.