They imagine themselves as an aristocracy of talent, whose brilliance let's them live the life of the aristocracy of bloodlines.

Obviously the angle the GP is talking about is that you’re so smart and talented that most work feels like child’s play and hence isn’t work

I haven't read everything here but Harvard students probably play signaling games where one might also want to signal that they are wealthy enough to not to work for money.

The wealthy raise their kids so that they will naturally signal this.

The university is more like a playground to meet connections and signaling that you are not focusing on work but socializing may be beneficial.