I think legacy admissions are bad and wrong. But I also don't think that removing legacy admissions will make a dent, not on the state of college admissions, and especially not on any broader socioeconomic context. Prestige schools doing bad things only highlights that it's a mistake to let prestige schools exist in the first place.
I think it might weaken the connection between 'elite' status and the particular university, to the point where the university actually becomes something academic, almost technical, again.
No, I'm saying that prestige schools are a symptom of a broader socioeconomic failing - something about how power is obtained and maintained, which I struggle to articulate properly. Shutting down prestige schools does nothing for the broader failing in broader society; at best, it papers over a visible sign of the failing.