Some of what you say may be true, but there still is no arguing against the quality of training at your top programs.
There
is arguing though. It's been demonstrated here and almost everywhere else. People say repeatedly that the training at top institutions is compromised by the Ivory Tower mindset, competition with a large training population, fellows stealing good cases, less bread and butter, etc...
I mean the difference between top tier Heme/Onc fellowships and community ones can be as much as 12 vs. 36 months of clinical training, the other 24 months being mostly research, which can even be in the lab with little patient contact. I'm not saying top programs are universally worse, obviously not, but there is
plenty of room to argue for a lot of specialties and practice environments.
I also think it's naïve to believe that most med students are driven
primarily by something other than ego, pay, and lifestyle.
1) Pay per hour and competitiveness scale perfectly in line with one another.
2) Notoriously good clinical programs never stack up to brand name residencies in competitiveness, even if the brand name is renowned for being swamped with fellows. Ortho is a great example of this.
3) Look at the job market, where prestige is far less of a factor. Ten years post-fellowship the standard of care will be completely different for most specialties. You'll keep up with this better and have better continued education/training in some environments compared to others. This rarely affects people's job choices compared to compensation, especially if you've already earned your prestige/gold-plated resume.
I have a hard time believing that all these applicants are driven mostly by some motive to do good. Top med students are not shutting down their entire lives for 4-5 years out of some benevolent desire to be the best physician for their patients. If you want to do that, you match FM and go to an underserved area. People gun for top tier residencies primarily because it makes them feel good about themselves. That's okay, too.