Far too often the focus is only on the elite students at the elite schools when its clear upward mobility, just in sheer quantity, is better created at less elite public institutions like the CUNY schools or the CSUs. Hell even the culture war aspects are overstated - the "campus free speech" pearl-clutching is based on the experiences of maybe 5-7 elite institutions, and the entirety of the "Asian discrimination in admissions" controversy is based entirely on the superiority of 3-5 elite schools.
Far more needs to be done to extend upward mobility to everyone in this country and that isn't going to happen by focusing energies entirely on the HYPSM.
Relevant - https://fivethirtyeight.com/features/shut-up-about-harvard/