Elite university admissions policies are really important, since virtually all of our ruling class went to Ivy League schools (especially Harvard).

The important point is that elite university admissions aren't all that meritocratic. Things like ethnicity, region of origin, legacies, athletics, and perceived student ideology matter a lot. For example Carlos Espenshade found that students who mentioned belonging to groups perceived as "conservative" like 4H Club were much less likely to be admitted than other students with similar grades and test scores.