I'd generalize your point a little more - for a given level of life success, intelligence will anti-correlate with other hire-ability skills like work ethic, diligence, attendance, emotional stability, professionalism, etc.

Basically, imagine that there's two ways to graduate college with a CS degree - you're either the kind of person who's smart enough to get things if you work your ass off for them, or you're a genius and you coast through. If you're a genius and you work your ass off, you get a doctorate or found a startup, and aren't in the candidate pool. So you wind up with a choice about what to compromise on: work ethic, or smarts.

Ideally, you compromise on whatever makes the least difference to your organization, compared to your competitors. Hiring smart/motivated people out of non-traditional backgrounds is a great option for this.