Maybe universities are not merit based institutions and gateways for advancement of the underprivileged, but finishing schools funded by the elite to help elite

Maybe universities are not merit based institutions and gateways for advancement of the underprivileged, but finishing schools funded by the elite to help elite children gain the training and social skills needed to become semi-functional elite adults? Of course, these institutions do need some serious scholars to serve as professors, just like a good gym needs some serious athletes to serve as trainers -- but selecting and training athletes is not the point of a gym and maybe scholarship is not the point of a university?