As I wrote elsewhere - ranking systems are trying to create “One Rank To Rule Them All”.
That is an absolutely meaningless number. It is based on factors that are important to the person who created the system, or, more likely, to their bosses, and the weightings are those which they or their bosses find t be relevant.
Overall, the rankings are aimed at affluent families. The importance of reputation on college selection increases as the number of affordable colleges increases. More importantly, the need to determine “relative reputation” increases as the number of affordable college increase. Just as important is the “added value” for differences in reputation.
The percent of the population form the bottom 80% by income who attend an “elite” college is tiny. We’re talking maybe 1%, and another 4% who attend a “highly selective” college. For the great great majority of the lower and middle income (and I don’t mean that “I’m middle class with a $1.5 million+ home, two $50K+ cars, two annual vacations away from home, and live-in nanny”), colleges with a great reputation are the state or neighboring state flagships, a couple of big football colleges, HYPSM, and a couple of local “elite” private colleges.
A middle class family in Wisconsin probably have no idea about the reputations of Northeastern, Boston U, USC, Williams, Vanderbilt, or even Brown and Dartmouth, and, in many cases, are not even familiar with these. The “college recruiters” from these places will not come to their high schools, and the GC will barely know much either. They really aren’t looking at USNews to decide between Wisconsin, UIUC, Purdue, UMN, Northwestern, Chicago, Notre Dame, or OSU.
Ranking systems are for families who can afford a wide range of colleges, who live in a community which is also made up of families with similar SES, who are also familiar with a wide range of colleges, and whose kids attend a high school which sends large number of students to colleges which rank highly on these systems.
Finally, let’s be honest, people. the only rankings which are important are the top 100. Families who care about rankings want to send their kids to a college which is ranked in the top 100, and would prefer to send their kid to a college which ranks higher than #50. Anything below #100 does not provide any status, and therefore their actual ranks do not matter.
Bottom line - rankings were created to establish “relative prestige” among a large number of colleges. They are aimed at students and families which can afford a large number of colleges, AND are looking for a college which is a status symbol, AND don’t already have their own notion of which colleges are “prestigious”.