Step 1 is the
most cited factor in choosing who to interview, but other factors have higher ratings. In fact, of the top 13 shown below, Step 1's average rating is tied for #9.
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This gets at two things. One is overapplication, which has driven filtering and established a positive feedback loop for Step neuroticism.
The other is the entire reason that this has become the current national conversation in medical education: increasing proportions of students are pursuing Step success at the expense of other necessary elements of their training. You're right, you'll get filtered out if you don't hit a program's magic number. But you likewise won't be successful if you can't do much of anything other than choose A-E. So the challenge becomes finding a way to more appropriately weight different parts of the residency application.
If you go to national meetings and talk to people in student affairs and academic affairs you will very quickly realize what a profound mess this has become.