If it had a drop-out quota similar to comp sci or math, i might actually consider your elitism a valid opinion.
Post all the meritocracy nonsense you need to post, but deep down you know, if you had the money and a mediocre kid- you would help him through and put additional money hoops up behind him to jump through.
The irony, that all the others doing the same thing, have you lay on a metal table, beeing cut open by maybee not the best person for the job, it never reaches escape velocity.