Isn't the root issue that the main value a degree from a selective school provides is valuable social connections and social proof rather than the transmission

Isn't the root issue that the main value a degree from a selective school provides is valuable social connections and social proof rather than the transmission of a valuable body of knowledge? And perhaps beyond that that the economy is such that many degrees from less selective schools are worthless regardless of how much a student learns to earn it? Learn how to read and think first. Then perform the college ritual and learn the secret handshake if it gets you want.