Doesn't say much about Harvard.
Harvard (and Yale) have never primarily been about education or scholarship. Their primary purpose is elite networking. That's why ambitious people want to get their not-so-brilliant kids in.
There was a great scene in the second season of the Gilded Age where the new-money industrialist wants to know why his social-climbing wife is so dead set on having a 'box' at the Academy and if she can't get it why she's backing the projected Metropolitan Opera, after all she doesn't even like opera.
She explains it's not about music at all, but before and during intermissions the elite mingle visiting each other in their boxes and that's where social events are planned and how eligible young rich people meet....
Same prinicple.