Certain most students would benefit. That much is obvious. But would the institution and the country benefit? Would the other students going there benefit? All of the smartest people I know went to prestigious institutions. The learning taking place there has never been the big draw; it's the student body and associated ecosystem of alumni, corporations, faculty, etc. You can learn anything by yourself off YouTube but you can't meet a large body of very intelligent people anywhere other than a prestigious college. The level of ambition, drive, and intelligence is incomparable to any corporation short of probably DeepMind or an early stage startup.