Hi,
It does look like the GMAT race has turned somewhat absurd in the last few years.
Yes, of course everybody wants to get 750-800, but unfortunately, only 1% of test takers get scores in that range. So, not everybody that aspires for 800 actually gets it.
I myself received a 740 score. The absurd is that is just about average for top PhD programs. If you want to distinguish yourself these days you need a score of 770-800 and that depends on a lot more than just "smarts", it depends on your performance in a specific day.
According to the ETS, Gmat scores may vary in a range of +- 30 points, and even more at the higher scores. That means that someone who received "low" 700 on one day can receive around 770 on the next. I have seen this on simulations that I tried before the test. This is hardy an accurate science. But, like I said, it's the easiest factor to measure and that's why B-Schools like it and since top schools are apparently unwilling to increase the sizes of their programs, I gues we'll see the incline in GMAT scores continue.