Earlier quoted context omitted.
In a system based on merit, they would get more placements.
Merit is not a perfectly objective concept. Someone has to come up with criteria based on whatever goals and values they think are important.
The most obvious criteria is: most likely to graduate.
Some others that aren't bad:
* Highest expected value of future donations
* Highest expected value of impact (publication)
* Highest expected value of future salary
* Highest expected value of holding public office (the weighting here might be contentious)
As long as all of the criterion are achievement based, I expect them to screen for roughly the same people, demographically.