The question is the type of society we want to live in.
Do we want to credential sub-par kids becuase “money” and give them a better chance at life to run the country?
Or do we want to promote the best and most astute thinkers and give them the best chance to run our country?
There are tons of schools where you don't buy your way in. Why does everyone want into Harvard? Because people have thrown a ton of money at it to make it great. They didn't follow the process of only admitting the best and brightest. They followed a mix of that and people that would deliver money and connections. These are the results and if someone doesn't like it they have literally thousands of other options to choose from.
I know it's trendy to hate on the rich, but they've built something and are taking a small slice out of it while subsidizing a great many. Kick them out and they'll build another place that people will be screaming to get into next week.