"mostly meaningless" is an overstatement. The FDA oversees a lot of drug applications and gets it right a vast majority of the time. No human endeavor is perfect; if there's evidence that 20% of approvals are wrong then I'll agree that there's a problem.
This should be posted to the front page of the site. I get so tired of seeing comments pointing out some flaw in an institution and concluding that the institution is therefore useless. It really is lazy thinking.