At the undergrad level, a particular class at one college is likely pretty similar to a class at another college. And aside from a few exceptional students, you're likely to be able to find whatever classes you're looking for at any college you care to attend. There are more competent people who can teach, and want to teach, intro to Shakespeare, or second-semester thermodynamics, or whatever, than there are teaching positions available.
Most of the benefit you get from choosing college A over college B comes from your interactions with your peers. Some of this is just people working together on class projects, but a lot of it is the pervasive culture of a place. At some schools, people will hang out and talk about political theory. At others, there's a culture of making art. Some places care more about sports. And at some schools there's a culture of building things. Actually, at most schools, all of these things happen to some extent, but you're more likely to encounter them at some places than at others.
And if that's the benefit of college, then it absolutely makes sense to say that the best colleges are the ones with the best students.