Which is better- Marriage of Figaro or the Mona Lisa? What should be ranked higher- Frank Lloyd Wright’s Fallingwater or the choreography from West Side Story?
I think most people can hold two ideas in their heads simultaneously-
1- The ranking system is quite imperfect, since in many instances it’s like comparing architecture to dance or opera to a painting-- i.e. many ways to argue that the basis for comparison is either wrong, or weighted incorrectly, or just plain impossible to do with any validity.
2- That being said, it is helpful (sometime, in some circumstances, for some people, in some situations) to try and assign some measurements to various categories in order to figure out-- all things being equal, where various institutions stand relative to other institutions. Is Williams better than U Michigan? Is Pomona better than Middlebury? I don’t think informed people believe that the rankings answer these questions. But it is helpful- in some situations- to have a rough idea of various groupings. A guidance counselor suggests Stonehill or Wheaton or Providence College for your kid- and you live in St. Louis and have never heard of these colleges, and have never met anyone who went there. The rankings can help you suss out “oh, Stonehill is the XYZ institution for people in New England, now I get it”.
Selectivity is also a double edged sword, and I think most people who are well informed on the subject of colleges and higher ed and admissions understand both sides of that sword. To wit- there are kids majoring in beer pong at Stanford and Harvard who will coast, try not to work too hard, have a fabulous social life, and graduate with whatever GPA they can eke out with minimal intellectual engagement. And there are kids at Southern CT State College who are burning the midnight oil, grabbing hold of every academic and intellectual opportunity they can find, and generally working at peak capacity to learn, grow, expand their analytical skills and ability to think and write. Well informed people know that JUST going to Stanford doesn’t make you a genius, or JUST going to Southern doesn’t make you stupid and that there are people who coast and people who work hard at every institution.
BUT- all things being equal, Stanford is often, or frequently considered a “better” institution on many dimensions (whether you think these dimensions are important or not is another question) than Southern. And if you want to know why, there are many "ranking"systems which will be happy to explain to you that size of endowment matters. And number of full professors vs. adjuncts matters. And mean SAT scores matter. And on and on.
You are free to reject the findings and rankings and do your own explanation- and I’m sure once in a generation, a kid gets admitted to both Southern and Stanford and rejects Stanford. So good- no ranking system is perfect.