Education does not significantly improve outcomes. Period.
What people observe is that people who went to top-tier schools end up being very successful, and make the (totally false) inference that top-tier schools make you successful.
In reality, the people who were almost certainly going to be successful anyway get into the top-tier schools, partially on merit and partially because this is the legitimation process for the upper class in the US.
If you stuff a million poor people into the top-tier schools, this won’t actually fix anything, because A) those people are much less likely to succeed no matter what B) you can’t actually have a million people in the upper class.
We’re currently in the throes of dealing with B). Turchin calls this “elite overproduction”. You have millions of people who (think they) went through the process to become upper class (going to college), but it turns out that was just a signifier - a signifier that’s been totally destroyed by the push to send everyone to college.