One professor told me people of his department puts a lot of emphasis on GRE scores (quantitative, especially). He even said it was probably the second most important part of the application, with the first being the LoRs and the third the SoP. He said this was not right for him, as the SoP should have a bigger value. They look into the quantitative section as a proxy for predicting students' ability to perform well in empirical research.
If GRE verbal questions were all about interpreting texts, I would be totally fine with them. But to ask students to know ridiculous, never-used vocabulary is simply absurd. I would not change the quantitative part of the test. And I would make the criteria by which they evaluate the writing section more clear.
Full disclaimer: I am an international student (I probably made some grammar mistakes that gave it up, LOL) and my scores were 162V-168Q-4.5W. So I may be biased toward thinking GRE has a problem in the verbal section but not in the quantitative.