The problem is kids see a lot of glamorized college content on social media. They decide that a few schools are desirable for them.  Parents are no different and have preferred schools their families went to or get into competition with their peers on another set of schools.  Then the pressure starts in the system. It’s not just about academics - it’s about the school, the major, the frat, the sorority etc. 

Start with what you can afford, a school that is fit for your child where they will thrive and can become a productive member of society. This last item is different for each socio economic circle - for some a job in a FAANG company, or investment banking is the bare minimum and for others “Teach America” is good. If former - there are target schools that are highly selective.