I look at this re-occurring overproduction of elites concept, and feel like it has good points but seems to be welded like a weapon, soon followed by statements like "you're just unlucky, get over it."

We must begin with the presuppositions. Begin with the questions:

1. What are elites?

2. What are elites for? Why do they exist?

We can't really talk about "overproduction" of elites without knowing the answers to these questions.

Elites are meant to be guardians and servants of the common good. This is why traditionally, we spoke of the nobility: they were supposed to protect the common good for the good of society and model virtue so that others had a point of tangible reference. In order to do that, you needed to be properly educated. Not technically trained, but educated, which is something relatively rare in proportion to the vast numbers who are pushed through compulsory schooling and even university.

So, are we "overproducing elites"? Given how mediocre our "elites" generally are, I would suspect that we have rather an underproduction of them, and instead an overproduction of the vacuously credentialed.

One obstacle, of course, is that in a modern liberal culture, we are forced into a kind of impotence when speaking about the common good. On the one hand, modern liberalism imposes its own measure of the good life that elevates liberty for its own sake - divorced from any tradition and any objective measure - as the end of human life. Indeed, tradition is caricatured as an obstacle that impedes liberty rather than as a liberating dialogue spanning centuries and millennia that helps us orient our lives by sharing with us the wisdom of out predecessors.

On the other, this very hostility toward tradition or any objective normative claims (which are unavoidable; see first point) acts as a corrosive agent that impoverishes and constrains the scope of legitimate political discussion. Over time, this scope has been whittled down to economics. Everything else is privatized. Of course, the inevitable effect is that economics them begins to swallow up everything else. Everything is recast as an economic issue, and the human good is confined to economic categories. This explains the rise of consumerism, because a society whose common good can only be a matter of economics, and one that recasts all of life and reduces it to economics, can only comprehend the good life as a matter of consumption. This is a recipe for misery and delusion, of course, but the is the necessary result.

In such a culture, wisdom and what counts as elite are measured in economic terms. Universities become institutions not for liberating human beings by developing reason, virtue, and understanding, but ostensibly tickets to "economic success". Billionaires are our aristocracy, not because they are excellent or virtuous or duty-bound to serve in that capacity by virtue of their rank, but because in a consumerist society, money is magical. This is interesting, because traditionally, the nobility was often prohibited from engaging in trade and commerce. It was seen as beneath their position. If an aristocrat was wealthy, his wealth was not what conferred onto him his rank.

An elite only exists in order to serve the common good. That is its only legitimate reason for being.

Now let us return to the original question...