I’m assuming that by “Ivies” you mean elite colleges in general. I think there are some tangible rewards that come with attending an elite college as an undergrad (which I observed indirectly, as an elite university graduate student).
-The caliber of your classmates. Since top schools cull from the cream of the crop, your classmates are extraordinary - all of them. Those classmates will eventually become part of your alumni network.
-The resources that are available. For example, I was majorly impressed by the career center and the sheer volume of recruiters that my Ivy grad university attracted for its undergrads. Libraries, study spaces, special programs, and study abroad opportunities are similarly broad.
-The support. There’s a reason why low-income students who are admitted to top schools graduate at rates similar to their peers. The support network is simply outstanding: from counseling services to academic advisement to residential life support.
Then there’s also perceptions of quality of professors and research. Frankly, I found the professors at my small LAC to be much better teachers and overall more invested in the outcomes of their students. But people perceive that excellent researchers and well-known scholars will be better teachers or somehow translate to better classes. There is also the reality that top schools do tend to have top research going on, and many students envision themselves getting accepted to these labs and doing top research alongside the professor for a better shot at grad or med school. (The reality turns out to be slightly different, but they’re not entirely wrong.)
Buuuuut
I think the biggest reasons people apply to Ivy+ schools is not any of the above reasons. They probably don’t even realize those things when they’re applying, except maybe the last one. I think for many students, it’s the sentimental/emotional attachment to the prestige that these schools confer. They have imaginings that they will tell people where they go to/went to school and those people will ooh and ahh, and that will feel really good.
I’m curious. What are those?