All nine current members of SCOTUS are Ivy graduates (law schools and in some cases UG too). POTUS and FLOTUS. In fact, every POTUS since Reagan can be associated with one of these schools.
If it doesn’t really matter whether you go to any Ivy or not, if it is meaningless and therefore anyone who thinks so is “stupid”, then I can’t reconcile that. If there isn’t a club or a ruling class that you either belong to or you don’t, based on who gets into these schools, then the above could never happen.
So there aren’t enough spots for everyone with perfect stats? I personally think that there are levels of ability within that group, and that those levels could be measured if there was an interest in measuring them. I think if the process were changed so that those differences were measured, most people would be more content with the process. People would be more satisfied with the process and could live with the outcome if they know it is designed based principles of meritocracy.