It’s the epitome of scarcity mindset.
If there are only so many jobs at the State Department or Goldman or GE or wherever, then of course it’s worth having a back room somewhere to introduce enterprising young ring-knockers to the hale fellows of yesteryear.
But, in a long-tail world, where you can make a difference without going to Foggy Bottom and make a fortune without going to Goldman, do we still need the clubroom?
If the goal is to get more of “our” people into a limited number of positions, sure.
But if instead the goal is to build the best possible teams to do work that matters, limiting your search to one network is clearly a self-limiting strategy.