My opinion is that it seems counterintuitive for an elite school to care about social equity. Just run your school, stop being so meta about it, let other schools fill in the gaps. It’s OK to have a school for elites.
I didn't go to an Ivy League school. But it doesn't bother me at all that children of rich people go to elite schools, get degrees in Russian Literature, Art History, Political Science, play lacrosse, get jobs in white-shoe law firms, sit on boards, etc.
It doesn't affect me or hurt me at all. Let them have their club. So what?
I’ve got news for you. Children of rich people who don’t go to Ivies do this, too.
The common thread isn’t “went to Ivy”, rather “children of rich people”. Their network is their value.
As an above commenter mentioned, it can be akin to an aristocracy.