Back to the point of grade inflation - we have to note that this is not a one-way street. If expectations across the board are raised (eg. for graduate school and firm recruiting), then there is no difference if standards are raised across the board.
To give some examples: Law’ Schools’ GPA and LSAT medians have trended up over time, while companies have also raised their standards: anecdotally, firms like McKinsey or Goldman Sachs want to see a 3.9+ GPA, where 15 years ago a 3.7 GPA could be considered a great GPA.
This is also not unique to Harvard, or even to private schools. Cum Laude in the College of Arts and Sciences at UT-Austin was a 3.9!! And the page was removed, but earlier the McCombs school of business posted a GPA table showing that the median GPA in UT’s BBA cohort was a 3.73
Point being, if everyone’s standards are raised, including grad schools and companies, then there is no issue IMO. An A- these days is equivalent to a B 15 years ago, and getting a B is like getting a C from way back when.