Oh god, group small talk is the bane of my existence.... I've tried and tried but I haven't yet found a way to enjoy it.... basically you have to realize the conversation is driven just based on respect for the other people instead of actually wanting to communicate information/have fun. So yeah, IMO if you're comfortable with yourself, in most cases I agree it's pointless....
BUT it's a useful life skill too. I eventually learned how to talk more comfortably because I was so tired of being out of the loop, and trapped in a corner with no one in big social situations - basically I realized that yes - people actually judge you on your willingness to participate in something so pointless. Don't be afraid of it - it's better to say something, even if you actually do sound arrogant (which you probably wouldn't) than say nothing at all. Just talk about yourself if nothing else - they're making an effort to get to know people there. If you can't relate, let them know in a socially acceptable way (yeah I know harder said than done). I'm an INFP I think