It's a real problem, and you can see why nobody is addressing it honestly when these are the consequences of doing so.
> And does a phrase like "the bottom of the class" mean all that much when you're talking Harvard students?
Yes, very much so. It's no secret that we're starting to see a bi-modal distribution of outcomes for top school students. Contrary to the myth, graduating Harvard isn't (at least, no longer) a ticket to an exceptional career. Plenty of graduates proceed to have a normal (or worse) career that isn't better from what a graduate of a lower-tier school would achieve.
In tech, that means that while some top school grads end up in high-flying unicorns and desirable FAANG positions, others end up in sleepers like Oracle.