One exception at least. One of my fraternity brothers at RPI came to beautiful Troy, NY when he had the option of MIT.
There really are good reasons for such a choice. The schools that are so famous for their top-end research are achieving that research success by having those elite professors doing research, and that comes at the expense of teaching. Going to a merely "most selective" school rather than "Ivy Plus" is an decent solution to that problem.
(of course, there are other reasons to not go to RPI, but that's a different conversation)
EDIT: I just noticed that you referenced RPI as "slightly more selective". At the time I was there (mid-80s) it was ranked as most selective. I'm aware that its reputation has slipped a bit. While it's not that big a deal to me, as my 30 years experience outweighs all that, I wonder what effect changing reputation has on past students.