I think some of us have a nuanced position that is something like this:
Alt-1: Within a reasonably broad range of colleges, and for most people, college choice is most important for reasons other than career placement issues. Still, sometimes college choice can relate to networking effects that might make a career track difference to a minority of graduates;
Alt-2: Legacy preferences seem bad to the extent they seem like they are unnecessarily adding yet another unearned advantage to the ones that already exist, but if there is actually a good case to be made that they serve institutional goals like long-term fundraising, or indeed that sort of networking effect, maybe they are justifiable, at least given the values and goals of these institutions. But then is that really true, or just something these schools say?
I do think this sort of realism about elitism in our society and economy, and how elitist networking tends to work, in some ways leading to backing down a bit from the harshest rhetoric about legacy policies specifically. If only because it really then seems like just a small component of a much larger web of elitist policies and practices that serves to perpetuate socioeconomic advantage from one generation to the next.
But even then, you don’t have to like that this is how our society functions, just because in that context, a legacy policy might be rational for an elitist college seeking to preserve and enhance its role in such a socioeconomic system.