I would assume smart people are always confident that they can roll into a general info test and fly through fairly easy. I wouldn't call it arrogant, just confident. If a smart individual went to take the BAR without studying you may refer to them as arrogant if not.........stooopid.
I fell victim to the same situation when I took the SAT.
The amount you spent, errr threw away, on your GMAT was about the combined score I got after taking it 3 times. I never prepared or cared.
Everyone I've know who has taken the GMAT said they didnt know what they were getting into.
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