I agree. I also think it fosters a sense of anti-intellectualism in those schools that are poorer as well. I've noticed the difference in my hometown (where I now teach) in the 10 years since I've graduated. I've talked about it with another teacher who went to school there as well (I will say, that's one thing they're good at; they usually hire locals, for better or worse). My mom was a teacher there for 30 years as well, as she's seen it too.
I don't live in the district I teach in, but I've already said that if I'm still teaching there (a big if) and have kids (another big if), I won't send them there if they're academically inclined. The school is routinely trying to gut AP classes in favor of "dual credit" (which is a joke) and they're removing normal accelerated classes for increased 'rigor' in others; which doesn't happen, as you get accelerated kids mixed in with kids in a collaborative class because the guidance doesn't care enough to separate them, and then we're also forced to cater to the lowest common denominator by administration as well... And "differentiated learning" just basically becomes "Oh, you're smart, here's another worksheet". It's, sadly, becoming a race to the bottom, and it's something the more wealthy schools in the area I live at wouldn't have.