I don't think America has been innovating much since 2015. And the Chinese are managing fine or even better without these.

There's an argument though that the sheer prevalence of these talent programs institutes a sort of "institutional capture" over innovation. It works for those who are recognized it, but these also soon become requirements to more prestigious facilities. Which leaves those whose interests are not so recognized with increasesd barriers to realizing their visions.

The pure exam systems are somewhat more holistic in that manner, after that single barrier there is a greater degree of freedom in heterogeneity.