Is there something terribly wrong about college admission process?

^^^^This. Alumni interviews are more for the alumni than for the student. It’s an alumni organization activity. I think it’s important for admissions ONLY on the fringes – if the candidate is so completely “off” (doesn’t talk at all during the meeting, uses profanity, says he really doesn’t want to go to that school but his parents are making him apply, brings a gun to the interview, etc.) the admissions people would need to know.