Arrogance is probably the trait that most limits our intelligence. I've seen many smart people do extremely stupid stuff just out of fear of admitting they are prone to mistakes and failure. Humbleness is hard to master, but it's very important for us to try and practice it as much as possible.
Potential of success = (Intelligence / arrogance) + luck
What you're saying really strikes true, though I feel arrogant people can also be extremely hard working which can put them in better stead compared to others. Also, humbleness with a tint of arrogance or self belief can be a good mix – as long as you get the mix right.
Potential of success = (Intelligence / arrogance) + luck