You're describing someone with zero intellectual curiosity and only a base form of ambition.
The networking matters. But it's not just about meeting legacy families or donors' kids. And broadly speaking, the people who are in a room just to meet the rich people and/or their kids are plainly obvious from a distance. If a kid got into an elite school with that attitude and upbringing, one of the most useful things they might learn is to grow past it.
> you can gain most or all of the benefits of a top-dollar education these days by reading the necessary literature online
No, you cannot replicate being taught by one of the brightest minds in a field by reading their published work.