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I think results like this are important to consider as elite Universities drop their standardized testing requirements in the name of equality and fairness. Standardized testing is really one of the fairest ways of giving all individuals a fair shake.
There's a big difference between most standardized tests and IQ tests, and even the best tests have cultural biases.

In theory you're right, but it's a huge (maybe impossible) challenge to create an unbiased test.

Ex: http://www.slate.com/blogs/future_tense/2012/06/14/stem_gend...

Tests like the SAT correlate strongly with results from IQ tests.

That said, your point about cultural bias is well taken. Rather than scrapping standardized testing though, we should instead focus on creating a society where group identity doesn't matter as much as individual ability.

Cultural bias basically means stupid people are culturally different, IQ tests still measure G (general intelligence) and G predicts much more than any amount of bias implicit.