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I mean it is just like the YC model, 1% of the companies will give outsized rewards which will more than justify investing in the 99%. Same way, Harvard is probably propped up by the 1% of kids who it takes in who do great things and the rest can just enjoy the privilege of being alumni of such a "great institution". These top institutions take in not only unworthy rich kids but also the cream of the crop in science, leadership etc...

The ranking systems are likely flawed and measure things outside of merit, or measure merit in a non-holistic way.

The rankings effectively measure prestige. Someone with $5 million to give to a university will very likely have a prestigious career, even if they're completely incompetent.

See also the massive grade inflation at these schools