I agree with the general sentiment, but I think it's worth adding in a couple of caveats.
The demand to get into a top university in the US is so high that even if you meet all of the prerequisites, getting accepted into Tier 1 university relies on an uncomfortable and ever growing amount of luck.
What people forget is that this dynamic is driven by growing demand, and that an increasing number of qualified applicants are being pushed into lower tier universities. While this isn't an absolute guarantee that the overall quality, and marketability, of these universities will increase, this is, in fact, what has been happening.
So yes, work hard, but don't set your goal on achieving a target that is driven as much by random chance as it is by your own effort.
Or, alternatively, seek other options? Maybe try to avoid the race somehow. Since most will be losers, it's probably best to consider alternatives anyway and ask if the prize is even worth winning.
Several of my classmates are now separate post Series A startup founders (investors similar in stature to to Andreessen invested), another is a professor at a peer institution of MIT heading up a research group in theoretical CS, another created his own cryptocurrency (and it is gaining traction quite rapidly), quite a few YC acceptances from my class, too. By ONLY working at a FAANG-caliber company myself, I am considered one of the "failures" in my graduating class.
So yes, while you can knock a few people that gamed the acceptance system ("student"-athletes, legacies, donors, expert box-checkers, blatant cheaters, etc.), at the end of the day, the applicant pool of these schools includes some of the smartest people in the world, and there will be quite a few winners.
My advice: Do everything you can to get accepted into the very best university possible. It's in your power if you work hard and love what you do (for me, it was coding for fun). "Failure" here would mean attending a Top 20 university instead of a Top 10 (while largely reaping the very same benefits). My parents were ordinary school teachers, my zip code's average income was below the poverty level, and I was one of the few people in my high school's history to get accepted into a Top 10 university.