I see your point that the maths and verbal reasoning tests may favour uni graduates, but I would still argue that that is a subjective opinion. Are the tests actually designed to target uni graduates, or is it simply that most people who take the tests happen to be uni graduates given that that is the natural point in life to sit such tests? Or do the tests simply attempt to find those with the best numerical and verbal reasoning abilities, with the natural result being that younger people are generally a little sharper in these areas? Thus they get offered more of the jobs? I.e. The people who perform best in the tests get the jobs..... What is wrong with that exactly??
Even so, the contrary could be argued for other parts of the selection procedure, in so much that it is easier for someone with lots of flying experience to come up with good answers to the interview questions, given they have more experience to draw from. Likewise, the simulator is much less of a foreign environment to experienced pilots, meaning less stress and more mental capacity.