I would not say it's not about the quality of education at all - it's not hugely better than state universities but definitely not worse. I firmly believe I could not have received a better education anywhere else (except maybe even better institutions like MIT or Stanford).

As an individual, my decision then is: do I want to choose a place that sets me up for a high paying job and with connections I can rely on for life, and does not take my money for it, while also not having any downsides (that I can see) compared to a state university? Choosing a school for these reasons seems like the most rational choice anyone could make in that scenario.

Please correct me if I am misunderstanding your argument.