The whole apparatus of selective college admissions is designed to deliberately confuse things that exist with things that don’t. Many of the most prestigious colleges are an order of magnitude wealthier and more selective than the typical university. These are the primary factors driving their annual rankings at or near the top of the US News list of “best” colleges. The implication is that the differences in the quality of education they provide are of a similar size. There is no evidence to suggest that this is remotely true.
When college leaders talk about academic standards, they often mean admissions standards, not standards for what happens in classrooms themselves. Or they vaguely appeal to traditions and shared values without any hard evidence of their meaning. This is understandable, because the alternative is admitting that many selective institutions are not intrinsically excellent; they were just lucky enough to get into the business of selecting the best and brightest before everyone else.