That’s because most of them are stuck in the '60s. They still think of the Ivies as the peak of education. But it hasn’t been true for some time, and @johnwalker 's listing just proves it. This isn’t going to go well for the Ivies unless they radically change - and they can’t because they have way too many “tenured” asshats on the faculty.
Supreme Court Squashes the Scheme of Affirmative Action in Scholarly Selections -- 'Not a normal court', Biden says
My take is the tenured individuals you refer to sincerely believe the marketing claptrap embodied by their stated preference in favor of diversity and inclusion. And are willing to more than put their thumb on the scale in order to signal their virtue to their slightly less enlightened brethren.
Which, among other things, explains the vast discrepancy in admissions rates Magus shared in an earlier comment.