Here’s the dirty secret of the Ivy League (and similar top tier schools): the education doesn’t matter. The whole advantage of going to these schools is networking. Who do you network with? Rich kids whose parents own big companies! That’s how you get a high paying job after busting your butt to get into an Ivy League school!
If somehow we force these schools only admit the top students and not the underachieving legacies (rich kids) then that whole networking advantage disappears.