Of course there should be a small part of the education system capable of identifying and guiding the geniuses... but it should be in the context of helping every student identify their internal motivation... which is really the only way to instill the critical thinking skills everyone seems so keen on.
Kids in my classes who are probably not going to be engineers are still having a lot of fun tinkering with engineering problems. Kids in my classes who are probably not going to be computer scientists are having a lot of fun tinkering with ARM-Thumb machine language. Kids in my classes who are not going to be number theorists or statisticians are still going to have a lot of fun playing with elements of number theory and frequencies of elements in English text in my elementary cryptography class.
Some will be superstars and decide they want to do things close to this in the future. Others will decide they want to do something completely different, but understand more of these different paths. And everyone can come away knowing that maybe they won't be at the top but they can still do hard things.
The key is: A) not having a preconceived idea of who's going to be good at something, and B) creating many axes students can differentiate themselves in the classroom, so that someone who is not at the top still has areas to strive and can be a valued member of the classroom community.