Any elite selection process has high risk for not selecting the best people.
Either due to corruption or, even more likely, institutional biases.
Malcolm Gladwell has a few episodes of revisionist history that looks at some US universities who fall into this trap.
Even with all that said; the chances of a selection process for 17/18 year olds being able to correctly select the best future adults in their field is very low.
Another good example; the number of young geniuses or prodigies (whether maths, chess, acting etc.) who don't make anything of themselves.
"Malcolm Gladwell has a few episodes of revisionist history"
that's a complete sentence already
Did Malcolm Gladwell ever address the lack of scientific rigor in his work, or does he still roll with whatever narrative he thinks will entertain and sell?
Having interviewed maths applicants for Oxford, I don't think it's just corruption or biases - there are just more really bright students that you have places for and have to reject some people! We all tried really hard not be biased but I don't think there is any way to guarantee that you aren't somehow, however hard you try.
It's very hard to predict from a half hour interview precisely who will do well in future, and in fact some people might do better having gone to other universities. Oxford and Cambridge aren't the best choice for everybody - I'm sure being a bigger fish in a smaller pond suits some people better.