I wonder if you could in theory separate out part of the prestige value. Part of the prestige value of a product would be related to its exclusivity - things that are easily got don't confer prestige for obvious reasons.
So suppose you were looking at two schools that were equally prestigous but one was smaller, more expensive, required better social connections and higher academic achievement to access, and was more preferred by people in higher circles than the other. Then you might conclude that this smaller school derived more of its prestige from its exclusivity than the other school did, and hence on other indicators which might matter more, the larger, less exclusive school was actually better.
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This is exactly the point. Parapsychology is one of the very few things we can reject intuitively, because we understand the world well enough to know that psychic powers just can't exist. We can reject them even when proper analysis doesn't indicate that they're wrong, which tells us something about the limitations of analysis.
ETA: Essentially, if the scientific method can't reject parapsychology, that means the scientific method isn't strong enough, not that parapsychology might be legitimate.
If parapsychology is studying the patently non-existent, then the fact that parapsychologists don't typically spend their time debunking their own subject might suggest they are not up to par in some way, as a group, with "the rest of" science - unless you concede that other branches of science would also carry on in the face of total collapse in the credibility of their subject.