The thing is, uploading a profile pic and interests wouldn't let PG know how smart you are or what your personality is like. On news.YC, users are literally creating their own identities through their interaction with the site and with each other. Furthermore, PG designed the site so that users would interact in a way that would reveal the aspects of their character that are most salient to knowing whether or not they'll build a successful startup or go out and blow his money on hookers and beer.
news.YC is the solution to PG's identity problem. However, the problem of whether or not to fund a group is very similar to the problem of knowing whether or not to work with someone. PG's a smart guy. Think about which parts of his solution are relevant to your problem, and go from there.