What would it mean for them to not exist?

The issue, as I see it, is that elite credentials are overvalued, and that we live in a society which is becoming more and more unequal, and where housing prices in particular are skyrocketing.

Without solving that, the alternatives to the Ivy League (e.g. undisguised nepotism) seem to be even worse.

> The Ivy League (and top-tier) situation is out of control, and genuinely raises questions about whether institutions like this should exist.

You're posting in a discussion where a hefty share of all posters are openly stating these schools being by far their top choice. Don't you think this correlates with demand for one of the limited spots they open each year?

What do you think would happen if Ivy League schools suddenly vanished from the face of the earth?

It's not, IMHO. When I have kids, I will not send them to any such institution, and I do not advise students that I mentor to go to such institutions.