People are not all either "idiots" or "geniuses." Jobs wouldn't be considered competent at legal policy, geothermal dynamics, rescuing Chilean minors, or building a global economic coalition to end a recession. That doesn't make him an idiot, and yet I think it would be fair for experts in those fields -- people who live and breath it every day -- to give little weight to his thoughts on such matters.
Conversely, Jobs spent all day, every day, pondering the future of the computer industry, and developing a strong, well considered vision for it. That didn't make the rest of us idiots, but I'm certainly glad that someone who had dedicated his life to it had more say than a mining engineer who had been brought in for a focus test.