I would think it’s important as a status marker/checkoff, a place to establish networks, a place to get initial training for an advanced degree or a place to kick back and enjoy 4 years in a rich environment. Are those things worth their money? Probably if done well, but not if done without thinking (ie, don’t pay for a checkoff at Harvard).
It’s about the only time in life where you will be in a huge crowd of peers without too much demands on your time. That should be enjoyed.