There is a misconception that all ABET accredited programs are the same. As you know, they are not. ABET sets a minimum, but many programs exceed that in breadth, depth and pace.
I do however believe that a student’s success is baked in at the time they graduate from high school, regardless of where they go. A student that can get into MIT and/or Caltech, will likely be successful no matter where they go. Should the choose MIT or Caltech and not succeed, it isn’t because they don’t have the mental horsepower. It’s because they aren’t cut out for the grind that especially Caltech is known for.