For some folks, you’re definitely right.
But I think there’s a definite population of people who are more discerning than that. @Blossom has mentioned how their family was willing to pay top dollar for rigor, but not for college lifestyle perks. When my family has had to select or rank schools for our kid, it’s one of the factors that’s come strongly into play. And when one thinks of the “hidden gem” schools from a CTCL or Jeff Selingo’s new “Dream Schools” or however it happens to be identified, it’s an indication that the schools are doing better than expected or are providing good rigor or support or something that makes them a better value proposition than other comparable schools.
And although CC is awash with folks aiming for a Top X school, there are also plenty of families whose kids are not candidates for schools with a sub-15% acceptance rate and are looking for ways to identify ways to differentiate between schools in ways that matter.