I think the wealthy children in olden days probably had stricter teachers who gave them plenty of adversity in real-time. However there were also fewer wealthy producing fewer of these children so there was less competition for schools and jobs.

You now have a sort of college prep industrial complex and mass affluent feeding into the same small number of prestigious school seats.. and thus more disappointment.

I got into schools with scholarship money 25 years ago with 1300 SAT and no resume that kids with 1550 can’t even get into now.

It’s quite an arms race.