I find your last paragraph a bit troubling, I agree that becoming a part of the elite does not really have a significance with regards to your own worth. But the USA is not a country that revolves around the middle class, its a country that revolves around the elites. In America not being part of the elite is a failure because the political and economical system is made to benefit, empower and sustain elites. Becoming part of the elite is a very good way of sustaining your family and the future family of your family for generations to come. Look at the downward versus upward mobility! To pretend like there is a social class that just isn't for everyone is extremely offensive; everyone should have the same chance. Not everyone can be the best, but everyone who wants to should have a fair shot at it and universities and education as a whole is the best way we have to pave the way.
In Europe, in most countries, universities are accessible to all and they do have some excellent institutions. But not only that, children of all social classes go to the same schools (yes you do have mega elites but I'm talking here about the vast majority of the population) on the other hand compare that to america where children go to school that depends on their location and where you have an incredible disparity between where the poor and where the rich live. How could you say "not everyone can be part of the elite" when being part of the elite is already largely determined on the area you were born in!
I think the US education system needs a complete reform and so much has to change, but really, if youre a politician and you are part of the elite what incentive do you have to make things harder for you and your class? Your kid is going to a top high school then its going to go to a top university. And their kids will do the same if you keep things the way they are.