It's hard to comment on the lunacy of this. Elite is important, but whether it is educated or not is about whether or not they still see it as beneficial, whether it is still regarded as valuable among the elite society, and more importantly, on whether the universities still let them in (because intellectually they are on average of course, average, especially when elites mostly marry their peers). But the elite still remains the elite - that does not depend on degrees, but on wealth and social standing. Society should strive to keep them educated in the next generation and banning of legacy admissions is a step in wrong direction: it results in uneducated elite, which definitely makes everyone worse off.