The most equitable solution would be to base admissions purely on grades but that isn't possible when you have grade inflation, because more people get straight As than there are places at top universities.
And your alternative to this is? They're metrics for assessing candidates for a reason, you know. Sure, once they start getting gamed, they're no longer accurate, but that's a different discussion.
Moreover, they create a huge bias in favor of kids who can afford to spend their free time doing unpaid work, and against kids that need to work to earn a little extra spending money, or kids that need to help with the family business. We're not even talking about "poor" people here. The people hardest-hit by these policies are first-generation middle class people, who don't stand out with a sob story about how they grew up in poverty, but aren't in a position where they can do volunteer work and also have their parents buy them a car. Emphasizing these factors also creates a bias against immigrants. A lot of first-generation Americans just don't feel comfortable engaging in the community in that way.
Hate the player and the game. Without players, there is no game.
Admittedly it's not a perfect system, but if the existing system is admission essays written by ghostwriters, I'd say it'd be an improvement.