The tests are extremely good, but they are not perfect, with a specificity in the 99.9%–99.99% range, which is low enough that there are more false positives than true positives for extremely rare conditions. Making tests with specificity in the 99.999% range or beyond is an inherently extremely hard problem.
The current quality would be fine if the posterior probabilities were properly explained to patients and if physicians had enough basic intro-level statistics background to interpret the test results. Unfortunately patients often aren’t given the results directly or told accurately how to interpret them and apparently many physicians lack basic statistical competence. It isn’t too promising that this NYT article expressly aimed at clearing up laypeople’s misconceptions does such a poor job explaining the subject, and spends its first half on misleading clickbait about how “wrong” the tests are.
And bilking a medical system has nothing to do with if it's free or privatized.
Even with free healthcare the suppliers are still getting paid somehow... so them providing an unsound test is still making unjust profit.