This is something all elite universities will need to address in the near future. It will take a growing amount of cognitive dissonance to, on one hand, have mission statements that talk about broad goals of improving humanity, and on the other hand serve as one of the primary markers and controller of elite status in the US. I say this as an Ivy alum.

While I don't necessarily agree with abolishing elite universities, the current admissions system is fundamentally corrupt, and the only reason universities don't abolish it is that doing so would require admitting a degree of luck in admissions, which would kill the facade of a strict meritocracy. My proposal would be to have clear, binary criteria for admission (some combination of grades, test scores, perhaps even something for extra academic success if that could be done objectively), and if that resulted in, say, 20000 people being eligible, then use a random lottery to get down to the number of spots in a class.