The vast majority of those app reviews performed per day are for updates to existing apps. Clearly these can be much less rigorous than reviews of new apps. Also just because someone doesn't have the skills to review apps when they are hired, doesn't mean they can't be trained to do that perfectly well.
Like I said though, I am concerned. The copycat app problem is an embarrassment. I am optimistic though, I remember back when there was a lot of concern that development apps were running foul of the review process, but apps like Pythonista and Codea seem to be doing fine and Apple found a solidly workable compromise position on that issue. The new 15% tier for small app publishers is a nice concession. These things don't improve without pressure on Apple though so it's good their feet are being kept to the fire. I just don't subscribe to the most pessimistic assessments myself.
By what measures are you supposed to review an app without actually knowing how it works? How would you go about detecting malware when you don't even really know how iOS works? I don't know what's real anymore, this for sure can't be it.
Every "we use App Review to establish safety on the App Store" statement from Apple became completely worthless now.