While perhaps a little overly cynical, this assessment certainly wasn't totally wrong. Few parents have ever been overly concerned with the supposed education their children receive at a University like CU. The real concern has primarily been the receipt of a degree from a respectable - although not "elite" in the case of CU - university. And, whether they are consciously aware of it or not, an additional benefit has been to ensure that little Susie and little Johnny also become accustomed to the social mores and habits of a certain socio-economic class.
Even if Susie doesn't meet a doctor at college, it's still best to send Susie to a place where she learns to socialize and interact with the sorts of people who will eventually become doctors and engineers and successful business people. When one is finished with his or her "education," one has a nice degree to show for it, plus a social circle comprised of presumably soon-to-be-successful people.
So, it shouldn't surprise anyone that it turns out rich Hollywood actors with intellectually and academically mediocre children have become obsessed with getting their children into high-status colleges. They employ bribes and fake test scores to purchase what they've always been able to purchase otherwise: a stylish consumer product, which is essentially all a college degree is for most people.