That's a shame that it's still and increasingly a one-way, expensive, usually water-down, specialization guessing game without trials of what's on the other end.
Also, an increasing requirement in some fields of a Master's or PhD is doubling down on the filtering system. That started to be a thing in the 2000's.
The irreducible question is: What should be done to fix or replace it? Fixing it with a fundamentally better alternative seems superior than the continued gamification of USN&WR pole positions. Also, college tuition needs upper limits because too many universities are tantamount to international labor human traffickers.
I posit there ought to be cheaper undergrad colleges that are more rigorous, more practical, and more of a funnel filter. That is, the prestige isn't derived from acceptance but filtering for excellence like some professional postgraduate degrees. You can go through various paths and retry as many times as you'd like. The point would be specific, strategic preparation of students rather than grade inflation, honor code proctor-less examinations, partying, and endowment and CIP embiggening at the expense of student debt peonage.