I would suggest people consider the “caveats” section of that article when thinking about these issues.
I would also suggest that to the extent there is a substantial percentage of any admissions factor that is controllable by parents with a lot of savvy and economic resources, including but not limited to essays, then the marginal effect of such resources can be very large. And when looking at the most selective private colleges, it is of course the marginal effects which make all the difference.
On the plus side, in states with good, affordable public universities, this provides an alternative for kids on the wrong side of those marginal effects. Which to me is the real issue–not that some such kids don’t get into fancy private colleges, which in my view is more or less inevitable in a capitalist system with private colleges, but that not all states are doing a great job providing affordable public universities.
In any event, to once again circle back to contributing to the OP’s understanding of this issue, highly-selective private colleges are not likely to be turning away from the marginal value of essays, not least because they really need all these different margins in order to be so selective.
Like, loosely speaking, Harvard in the litigation period got down to such a low admittance rate by only deeming around 20% of applicants to have the very strong personal rating they needed to be admitted unhooked. Maybe more like 25% among those with sufficiently strong academic and activities ratings too, but still they had something like four times as many potential admits as they could possibly grant before implementation of this personal factor.
Essays were a major component in that personal rating, and so were very important to determining which one of four such applicants actually got admitted to Harvard. And although it was pointed out in the litigation this personal factor was not free from bias, it turned out pretty much nothing was.
And Harvard won the part of the trial where they argued that they had legitimate reasons for valuing their personal ratings and that any observed biases were not intentional.
So, the marginal value of essays at these colleges is not likely to go away. Indeed, if anything given the parts of the litigation that Harvard lost, the marginal value of essays/personal ratings is likely to go up, not down, including in some relatively specific ways based on what the Supreme Court, and subsequent DOJ/ED guidance, said were allowed.