The problem with the caucus approach is it’s not truly representative as you have to be there at a certain date/time so it excludes a lot of voters. You can’t even participate via mail, that’s why Iowa has a history of picking losers. I look at it as a way to weed out some of the bottom dwellers.
That's all the Iowa Caucuses have ever done.
There are proverbially three tickets out of Iowa to New Hampshire. That's it.