So, let's say we have a number. It correlates with ability to solve a number of different puzzles, lines up with our understanding of certain dangers (iodine deficiency, etc.), is consistent, explains some variation of the success in certain tasks or areas that are not explained by experience or upbringing.
I'm not saying it captures every element of our experience, but surely we can point to it and say it represents some subset of our understanding of the idea we point at when we say the word "intelligence". It really isn't competing with anything that's remotely as useful. IQ, although it has faults, seems to be a relatively cheap, standard, well understood metric, that also explains quite a few other phenomenon. If you give me two regression analyses, one of them using IQ and one not, I cannot imagine what understanding you would gain by refusing to acknowledge the former -- and that mistake seems like precisely the type of "foolish over assessment of our current collective understanding" that you deride.