I agree with all of this except the last sentence, which I entirely disagree with. The gap between elites and non-elites is growing, and as a result, the value

I agree with all of this except the last sentence, which I entirely disagree with. The gap between elites and non-elites is growing, and as a result, the value of breaking into the social circles of the wealthy and "legacy" students who dominate elite schools is also growing. Meanwhile, high-quality educational content is becoming more widely available - often published for free by those same elite schools - so the value of the education itself is approaching zero. (For some programs, notably elite MBA programs, the value of the education is basically zero already and has been for some time.) If a course is taught by a TA or adjunct who barely speaks the language in which it's conducted, rather than by the distinguished professors whose names are on the department website, that's an annoyance, but all it costs you is some time on Khan Academy or Coursera to learn the material on your own. Your well-connected classmate who introduces you to a hiring manager or angel investor will have a much larger impact on your life.