Getting into a highly selective school mostly just means the student fit one of a handful of profiles at age 18 which the admissions process looked for, most of which have little to do with the students actual abilities or aptitudes. But thanks to nepotism, network effects and the cultural belief in those schools representing "the elite", there is a significant self-fulfilling prophecy.
Overall, society would probably be better if we all admitted it's a farce, and focused more on what people accomplish in college and after, rather than giving such power to the admissions staff at a handful of universities.
Plenty of students who failed out of CS moved over to Management Information Science, the building was right next door so it was a short walk.
But seriously, everyone should be allowed to try. Western giving me a chance dramatically changed my life for the better, and based on emails I've gotten from customers for products I've worked on, its helped me change other people's lives for the better as well.
2. College admission and graduation rates are important and watched.