I feel like the cultures that "praise and reward academic acheivement" are mostly the same cultures that value the concept of castes/genetic nobility (i.e. the idea that you can come from a "smart family", and the automatic association of a "noble" birth with inborn intelligence.)

America, in trying to promote the idea that anyone can become anything, has quite thoroughly quashed the idea that it is of any benefit to come from a "cultured" background; and, thereby, has devalued the concept of acquiring a Liberal Arts education as a necessary stepping stone in dynasty-building.

There are probably benefits to this, but there are also obvious drawbacks.