Really? I don't find the legitimate ones bad at all. Much better than the SAT for testing raw, innate intelligence.
IQ is like a brightness of a flashlight. It's potential. Brighter is better, but it doesn't guarantee you point it at a useful direction, or even use it for anything useful at all other than to study playboy under the bedsheets.
The problem is that IQ as a variable is pretty useless in practice. It has no prognostic validity for success in life or in a job. Motivation is far more important for that, but it's also harder to measure.
I would think if they took recent Nobel Prize winners in the hard sciences, they would be trending above average and by a margin.
Sure, but you would find even more high-IQ persons in quite mundane jobs. IQ is a confounding variable for success. Counter example: most Nobel Prize winners are male, too. Is that the reason for their success?