perhaps not as prestigious as MIT, but more than sufficient for most people.
Sufficient for people who want to become a cog in the machine. Those people who are paying for the application service for top ranked schools want to go to those schools because they don't want to become cogs in the machine, they want to own the machine. It is a completely different mindset from "most people".
That push to get into those schools is the same sort of push they apply to the rest of what they do which is why they end up owning businesses instead of working at one. The ideas that those schools are too difficult to get into, they cost too much, I don't come from the right family, are reasons not to bother applying for most people. For the others they are reasons to work at overcoming all those obstacles. Admission to those schools is a filtering process. If you manage to jump through the right hoops you'll have access to a lot of people with brains, money, and power.
If you want to achieve big things you have to think big, have long term goals, and act accordingly.