One thing it apparently measures decently well is how good of a beginner you are on a new random thing.
Honestly I too would appreciate a different name because too many people[0] see it as "Smart Elite Classifier Test".
wrt cultural biases it is the same issue, you would need to develop a different test for each new cultural context. I agree that biased test have been used wrongly.
Overral IQ has a serious public image problem as some of its most vocal supporters are also its worst enemies.
[0] among both supporter and detractors
