Those Ivies that have more job-oriented programs tend to have (at the least) those schools looked down upon in comparison to the more 'pure' academic pursuits, e.g. Cornell's Hospitality school.
While Ivies are not tied strictly to America's true upper class, serving more as a means of entry into the upper-middle and lower-upper, this sort of signaling is an important part of some of the soft benefits they provide students -- it would be gauche to be worried about a job, ne c'est pas?
They would lack in other education (like math and sciences) in theory but as it's also the place the best students get their education they tend to just force you to learn both (which is against some protocols afaik).
The Catholic church only allowed mass to be delivered in a language other than Latin in the 1960s. If you wanted to simply understand what was said, you had to learn it.
Roman emperor Marcus Aurelius wrote an entire journal in Greek in the middle of enemy territory. "You could leave life right now. Let that determine what you do and say and think.". Historians criticize his Greek fluency.
The prestige also accrued because it was the language of the educated in Europe for a long time.
I was going to answer with just "the church" but the OP specifically asked about academia.
A good analogy is French being the language of the elite in Britain, well after the Normans got merged into the general population.
Why do you think all animal species have a latin name? You think the ancient romans classified them?
I don't really care to waste my time since you don't really seem interested in learning anything new. Have a nice day.