Nice Ad Hominem. If you had decent education, you wouldn't have to use it.
There's a significant difference in being educated and having skills that translate into worth. If OM graduated more lawyers than any other university and, suddenly, for whatever reason, there was a huge demand for lawyers, so large in fact that there wasn't a lawyer in the U.S. that was making less than 500k right out of law school, that doesn't mean that the average OM lawyer is better educated than the average MSU Engineer. In fact, I would argue that, regardless of how much either is paid, the average engineer will, most likely, always be better educated than the average lawyer. It's simply a much more difficult field of study. If the average theoretical physicist made less than the average loan officer, the average loan officer wouldn't be more educated than the average theoretical physicist. While certain educations are obviously worth more on the market, that doesn't mean people who make less are less educated. It simply means that their education is less valuable to society.
Many Universities believe that a higher ranking will lead to more students and more students applying leads to more selectivity. Consequently, more selectivity leads to a better student population, a better alumni base, a better reputation, and a better school. Let's say the average Insurance Salesman that graduated with a BBA in Marketing made 125,000 per year, but the average research biologist made 35k per year. If the rankings were based solely on what people made when they graduated, a University would be incentivized to graduate less Ph.D's in biology and more insurance salesmen. It's not a public university's job to provide the state with people who are valuable, but people who are educated. A University that's abandoning physics for insurance sales isn't doing a good job of educating.
Based on very little research, the average UCLA grad in mid career makes 91,000 per year. The average income in California is $29,551. So, the average UCLA grad, in mid career makes 3.07 times the average californian. The median income in Mississippi is 20,668. The average MSU grad at mid-career makes 72,700, or 3.51 times the average Mississippian. To even suggest that MSU or Ole Miss provides a better education than UCLA is just ******* stupid. Under no circumstances would the aggregate value of the average degree to a certain subset of people who have no intention of leaving a certain area be an accurate indicator of how well a University is educating its students.
I understand it. It's just a terrible idea.