Meanwhile, admission to an elite school is neither necessary nor sufficient to a happy, successful life. A couple of the best software engineers I've ever worked with - guys who got 3-4 promotions by age 30 - went to schools I'd never heard of until I met them.
I agree with you strongly that elite schools are not necessary in software engineering, but they make a huge difference in fields like Law.
Pro tip... if you want to be educated well through instruction, don't go to an elite school. The instruction in most of the classes really sucks (with some notable exceptions that are often available for free or cheap online).
Small liberal arts schools tend to do a much better job of educating through instruction.
So trying not to build a aristomafia could be intended as part of the deal with society.
Thats why simple systems like a lottery for everyone that's qualified aren't adopted. And the people trying to get in dont want them to be adopted, they dont want the system to be fair or socially useful, they want access for their kids to the exclusive club, with just enough window dressing to make it seem like something else.