Whatever it is, it's a group filled with people who score very high on iq tests.
You may not know this but a primary purpose of Mensa is to help "smart" people find other "smart" people to socialize with. In that sense it succeeds (I'm a member).
Define "crock of shit?" It's just an organization with membership requirements, by that logic organizations such as the VFW are a "crock of shit."