Why rich people prefer elite schools when most others doesn’t see any wort in it?

In comment 94, MWolf stated:

So to summarize:

  • Are "elite" colleges excellent? Yes, they are.

This statement is an assumption presumed in virtually all comments about elite colleges. Elite colleges are assumed to be excellent. Is this something that is objectively known, or is it more a byproduct of the elite-worship so prevalent on this site? Specifically, is the quality of instruction uniformly excellent at elite colleges compared to non-elite ones? That would seem to be unknowable, because no one can have knowledge broad enough to defend the assertion.Too many people seem to reflexively shout “Amen!” when elite colleges are pronounced excellent. This seems to be a prejudice actually.