Tend to agree with you to a great extent. But it certainly is not ‘pointless‘ though it is not an ‘essential’ requirement to succeed in finance or even life. Often due to networking you become a part of an inner circle where you get the advantage of being insider and, therefore, some preference when it comes to selection and tie with another person who is equal to you in all other respect. Other than this it may often lead to considerable saving in the time and effort that you may require to find quality alternatives in your search for a better career at any stage.
It is neither a substitute for good qualification (knowledge) or credit-worthy experience. If you have these two in your favour then the networking only supports you to some degree and may (note may) give you the initial push that otherwise you may not have. Even with the networking support ultimately what matters is your self-belief and your competence which comes only thro’ experience and relevant qualification, like CFA, meant to provide you the necessary skill, knowledge and expertise.
With outstanding social skills you may prosper but it does not guarantee success in professional work unless complemented by expertise earned because of solid qualification and experience; but converse may not be true (otherwise all introverts are doomed to fail in professional life despite their expertise!).