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Successful showing has a ton to do with luck. Lots of horses within a certain range of show scores qualify to show at the same level, so placing high in classes has to do with being lucky enough to have one of the higher scores in that particular handful of horses that happens to be in that particular class.

PT really indicates how fast your horse will train, not how well it will show. A horse that trains quickly will advance up the rungs of class levels at the shows faster and farther, giving it a chance to reach the upper levels where rewards for placing well in classes are greater.

So a high PT horse has the potential to show at higher levels than a lower PT horse, and horses that show successfully at the higher levels earn more points than an equally successful horse that levels off at a lower level--they might win the same number of classes but the higher level class awards more points. But a high PT doesn't automatically confer success at showing, only greater training.