I don’t know if this crazy, ultra-competitive, super-stressful bubble will burst anytime soon. In the meantime, you are in the middle of applying to colleges, and you want to put your best foot forward. The best way to do that is by writing an outstanding college essay. If you’re a competitive candidate, you’re also up against equally deserving competitive candidates.
The college essay is the only part of your application where you don’t have to be perfect on paper--you can let your guard down a bit and show that you’re a human being. That being said, this is the time to learn how to do this because you want to give this your best shot.