I think it depends on what you will be pursuing. Some industries are all reputation and no real skill.

But I think these schools are simply "secret handshakes" of the elites. The elites recruit there for two reasons:

(1) if you are rich and powerful, you are likely to send your kids to these schools. These kids are the key to rich and powerful people. I went to a top school, eventually I found out all my friends were sons of congressmen, federal judges or captains of industry. Not only was hiring these kids a quid pro quo to the powerful parent, ( I had much better grades than them) but, the kids themselves probably didn't need too much pay because they were rich.

(2) If you are just a regular smoe like me... they might hire you... after all they need someone to do to the work, but they need to have a way to control you. How do they do that? Have you graduate with student loans that are massive and crushing and could only be paid off by working for them and doing exactly what they tell you to.

I went to a regular state school for college and had a terrible time getting work or pay afterward. I realized I got what I paid for. I went back to an elite school and though I didn't get the jobs I thought I would... It still opens up opportunities for me. I was frugal though I made sure I rang up as little debt as possible. So it was worth the 50K I paid for it. 250K? Nope.

BTW I learned NOTHING at the elite school. But clearly that is not what they are about.