I believe there’s research that shows elite schools do not improve ones life prospects, with the exception of those from lower income households. They looked at those who were accepted to elite schools and went to “lesser” schools. Those people did not have worse outcomes, indicating the elite schools are selecting those who would have done well regardless. I do think this makes an interesting case for admitting more lower income students for the networking effect.
(I’ll see if I can dig up the research later when I have more time and link to it).
Edit:
"we find that students who attended more selective colleges earned about the same as students of seemingly comparable ability who attended less selective schools. Children from low-income families, however, earned more if they attended selective colleges."
https://academic.oup.com/qje/article-abstract/117/4/1491/187...
