And so on.
Lots of cases where "oh, I sailed with her nephew one Summer when we were both at Harvard" or just being able to credibly wear any of several "in-group" school colors ties and talk the talk is worth more than 10 extra IQ points or whatever.
> For students, sure, but when being hired (or funded) they all have similar “elite” tier intelligence/potential, nothing about ruling class
Being suited to "ruthless no-compromise academic excellence" may actually tend to make one unsuited to a whole host of "ruling class" jobs, so maybe they're not so similar after all.
IMHO, people who are personally focused on intelligence (especially when they're "intelligent" themselves) tend to overestimate its value in a lot of endeavors. Even in academic sphere, I understand a lot of extremely successful scientists are intelligent but not that intelligent. Their success comes from their attitude, personality, and other factors.