No test measures intelligence. A test only measures you relative to the persons that wrote the test. – loosely quoting Asimov.
2007 is ancient history now. It is an interesting graph that one might correlate with a lack of meritocratic structure in society, but I’m on the low end cause I say this without looking up and reading the study. Pretty pictures evoke emotional blabbering bias and all that.
People will look at the same graph and come up with different explanations. I personally agree with your interpretation.