You know what. Those parents got those kids into Stanford. Obviously helicopter parenting is working for them. 90% of the decisions people make are based on the environments they are in. Today's environment is extremely competitive and the margin for error is lower. Nobody wants to be the parent of the most mentally stable Starbucks Barista... Get them into Stanford, then they have the rest of their life to "fail"
Exactly so. Only a name-brand school will actually deliver career benefits commensurate with the cost of attending. If you can't get in to a Harvard or Stanford, one might do better to learn a technical trade independently than go into debt to attend a UCSD, Washington State, or god forbid a second-tier private college. Second tier schools are not worth the money they're asking in the present environment.
* In all honesty, the only thing I can think of OTOH is if you want to go directly from undergrad into investment banking or elite law, where the vast majority of new hires still come from Ivy League (plus a few others: Duke, Georgetown, Stanford, ...) pipelines.