My first guess is "there are some pushy parents who will want their kid to be in a higher class even when their kid isn't qualified for it". The answer to this is, have a rigorous test and a high standard for skipping a class.
My second guess is "teachers have a general stance of not wanting to make any 'concessions' to parents, otherwise that will attract more pushy parents". (I did once have a math teacher who said "If I let you ... then I'd have 100 parents wanting the same for their kids.") So... keeping a strong negotiating position for the teachers is more important than doing right by individual students.
I think the answer is that, ultimately, the people making decisions about children's education don't have strong incentives to make it go well. If the kid sits in class bored but not causing trouble, that doesn't create a problem for the teacher or the principal; if the kid is enthusiastically learning in the next-level class, that might be nice for that teacher, but on average likely won't make a huge difference—and actually the teacher whose class the kid came from will get a replacement student who might need help, so that teacher may be genuinely disincentivized to recommend the kid's advancement, even aside from the "negotiating position" aspect.
Maybe there's also something of a resentment about them not being needed when they encounter an autodidact? I had problems with an AP chemistry teacher who was angry that I was doing the homework in class instead of listening to the lecture. When I said that I thought textbook had explained the topic quite well, her reaction was extremely negative. The existence of the autodidact sort of threatens the proposition of school itself.
Perhaps my junior and senior high schools, in the south west England in the late '60s, early '70s, were better than yours, or perhaps they just suited me better than yours suited you, but I learned a lot. We also did Shakespeare but I don't remember anyone having to memorize it unless they were actually putting on a play.
That said, my highschool did teach, more forced, me to read vast volumes very quickly. That skill really helped at various levels later. But that can be taught in other ways than sitting in a classroom slowly memorizing Shakespeare.