It seems more meritocratic, to me. The bar to enter is low, and the criteria for continuing their studies is proficiency in the subject at hand, not standardize

It seems more meritocratic, to me. The bar to enter is low, and the criteria for continuing their studies is proficiency in the subject at hand, not standardized test scores, extracurricular activities in high school or the best-written application essay. On a side note, ETHZ (and other Universities in Switzerland) charge some $500-1000 per semester, and taking on student debt is rare. This way, by dropping out, students mostly only lose the invested time and don't face potential bankrupcy.