Should universities filter people based on intelligence? I'm talking about entrance exams and not about forcing people to drop out as a later stage because of poor GPA

It's common knowledge that almost everyone can get into any of the non-top 100 universities, especially if they're focused on engineering, biology and natural sciences. And by almost everyone I mean people capable of holding a pen, showing a wad of cash or taking a loan.

I feel like these wasted resources would be better focused with regulation