@Mwolf, totally! It is crazy out there with private college counselors. I think many of them take advantage of the emotional charge/fears of the parents. Somehow the underlying message is that your kid will be set for life and a success if they attend this Ivy or highly selective schools.
When I said the college admission is a money making machine, I was not very clear (my bad). I was trying to say that many companies and people make a living from the college admissions process - SAT prep schools, private tutors, AP fees/books/tutors, admission officers jobs, admission office department staff, application fees, colleges touring the high schools, colleges brochures/ads to lure students, colleges offering application wavers to boost the number of students applying and thus make themselves more selective, etc., etc.,
Writing about this, it makes me feel that the whole process kind of a waste of resources, time by the students/parents. The bright, highly motivated students could be doing more productive things with their time that playing the college admissions game.
Maybe sometime soon, someone will fine tune an AI app (artificial intelligence) as a college counselor that can guide students how to maximize their chances and make this process less time consuming/stressful at a very affordable price.