In the comments, Joel cleverly turns a puzzling fact around on me:

Colleges care about applicants’ SAT scores. Employers don’t. What’s
going on? I’m tempted to just repeat my adage that, “For-profits are
crazy,” but even for-profit colleges care somewhat about SAT scores.

I’d say that this is an isolated puzzle in the for-profit world, not a systematic pattern of craziness.  But Joel still poses a good question.  Is it just fear of “SATs=IQ tests” lawsuits?  Or what?