Success is what you can make out in a college. Has very little to do which school you went.
Rank 50 LAC is not a bad school and if you can excel in that school you still have a chance in the graduate school or in the society. My friend of 30 years started in a community college, but his amazing story after that school brought a $1M contract from a book publisher for him to write a biography. Upon graduating from the CC, he went to UIUC and then Stanford, and after that he became the top NASA scientist who guided a spaceship to land on an Asteroid, first in the World history. He was on TV number of times for his amazing accomplishment.
Consider the waitlist a soft rejection and move on.