Other things also correlate well with many practical measures of cognitive ability, but you wouldn't be so quick to say that they're privileged the way IQ is, so there must be more to the explanation.
replyIQ is privileged because it's easily quantifiable by definition, testable with minimal setup and (assuming a modern test) more or less universal without cultural biases.
replyI mean it's certainly convenient! But that's a weak epistemic claim. Obviously, the cultural loading of g and of IQ tests is a complicated subject; I certainly wouldn't summarize it as "universal without cultural biases".
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