You cannot compare a degree from a well known university with cheap/free online courses. The benefits of a degree from a well known university are immeasurable.
What elite institutions offer is mainly connections and access directly into the pipeline of companies in a respective field.
There is some benefit to have elite institutions because proximity of highly educated people can spawn a lot of innovation, but a successful education system needs to be broad.
And if you think that the resource is no longer finite, then are you going to supply and maintain the hardware and infrastructure to provide everybody with an online computer? Are you going to translate the coursework and exams to their languages? Provide the electricity? Provide the meal in the childrens' bellies so that their mind could be on the classwork?
Good that it's not then? With modern technology, one can get started on ultra cheap automated courses (not necessarily just static lectures, can be interactive/VR experience like good computer games), coupled with one on one help from paid and volunteer tutors around the world. Than those who show potential can in due time be given access to expensive research equipment and world renoun professors. All without a need to make a life making or breaking decision based on a single admission process. Let students decide for themselves if and when to conclude that a subject is not for them. Current system amounts to artificial gatekeeping of success.