Of course, another thing that universities are in the business of selling is the opportunity to mingle and make connections with high-status people, as well as the inherent increase in status that comes from the affiliation with a high-status institution. Status in human relations is often not reducible to a matter of signaling other traits, and the fact that universities currently possess high status and the power of bestowing it mean that they have control of an inherently scarce and fixed-sum resource, so they're impossible to undercut barring some very great social changes.

This is right on the mark, in my opinion.