They did not mention research which is like the defining characteristic of a university. They seem to be condescendingly grouping research into the category of "status/prestige"
1) if they were effective then we wouldnt see millions of students jumping into 60k a year private institutions
2) I don't buy this at all, I think students mostly select based on prestige. Academic rigor and research opportunities are mildly correlated to this but def not what high schoolers and their parents index on