I'm a technologist who wanted to attend MIT but, for reasons that are beyond the scope of this thread, didn't make the cut. I've still had the opportunity to work for the US federal government, unicorn startups, and a detector team at the LHC. As you said, "The acceptance rate is so low, that it should not be used as a measure of self-worth and accomplishment.", and enjoyable, meaningful work can still be accomplished without the MIT experience (although if they get in, also good, I wish them well and hope they're accepted).