It's a dangerous precedent. Ending legacy and donor admissions and other forms of preference to elites' kids will inevitably lead to loss of value of higher education on one side, and elites being uneducated and Trump-style dumb, on the other. Because elites will still remain the elites no matter what, unless society plunges into bloodbath, physically killing or exiling all of them, French revolution-style - but at least now they can be educated.