Over four years, there's a big difference in your future prospects if you were meeting people with ties to Google, Berkshire, Goldman Sachs, Amazon, Meta, et al., vs meeting people from Garmin (<$100k/year for fresh CS grads, when I graduated) and small local midwestern companies. Even if you don't get direct referrals to those big-name places, you're talking to people who know what a resume that can get in there looks like, rather than having to blindly follow whatever advice you can find online.
Harvard has a page about it: https://careerservices.fas.harvard.edu/blog/2025/04/04/how-t...
So I'm saying I agree with your point. A lot of networking is opportunities. The elite universities' edge isn't in making people better, it is in presenting more opportunities. They say meritocracy but the service they provide is connecting rich kids with smart kids. If the opportunities are coming through the rich kids then they can't get rid of legacy admissions. At least not as long as we live in a society where you need things like investments to fund ideas or where money is an opportunity vehicle. Personally, I just don't like that we play this game of calling one thing another.
And my MS & PhD from a HYPS institution.
The different between alumni mailing lists of my two universities was eye opening.
A typical state school message is something like, "Hey everyone. I'm regional sales manager for WB Mason. Hit me up if you need a deal on bulk stationery."
In contrast, the HYPS alumni mailing list has message like:
* My hedge fund in Greenwich has openings for two quants ...
* I'm trying to get an interview with the CEO of Ford. Anyone have any connections?
* The Argentine government is soliciting bids to add a highway from <a> to <b> ... Winning bid is expected to be in the $$$$$$ range. Please contact me at <abc> if you need additional details on the bidding process.
* My team at Google is looking to hire <blah blah blah>