Yes, Bates’ founding is one reason why its endowment lags far behind Bowdoin and Colby. From the start, its grads were less likely to go into high paying careers. (These days, that’s not necessarily true.) Typically, and especially back then, these groups of people did not earn a lot of money. And it was founded quite a bit later than the other two. Bowdoin in 1794, Colby in 1813, Bates in 1855. So the others had decades longer to build their endowments.
Still, I remain impressed with what Bates manages to do with its money. Its financial health is good. Two years ago, Bates and Bowdoin had an A+ and Colby had an A. I haven’t seen a more recent list. This list ranks colleges from A+ down. Dawn Of The Dead: For Hundreds Of The Nation’s Private Colleges, It’s Merge Or Perish
I imagine with the pandemic, Bates has suffered more than the other two, but it’s not in danger of going anywhere.