This works in some fields, like software, which are based on measurable skills that can be directly taught. And we see it already with bootcamps and MOOCs (though these will need reinterpretation for real success).

However, in many other fields, like consulting, or investment banking, or law school admissions, there isn't a similar quality of measurability. Indeed, for many of these fields, the signalling is the end in and of itself, where the job itself doesn't require specific skills, but it's a benefit to the hiring institution to hire from signalling institutions). These sort of problems are uniquely resistant to market mechanisms and need top-down reform.