Because everyone follows the same template = a good number of people in finance has the same resume. Try thinking about the value again when you are the interviewer, and see if you still hold it in the same regards.

We had a junior analyst (~about 3 years now) who joined us from fresh graduate without the usual investment club exp and etc. We don't have a lot of graduates who joined us from fresh graduate since it is not that common. But he is doing pretty ok.

Try thinking from the interviewer perspective, and these line items meant little in the hiring process. You just need sufficient line items to get past the first filter set up by whoever is in charge of the process in the firm. If you think investment club matter, then clearly you haven't been interviewing people.