- accepting fewer students (having strict requirements).
- failing students out in early classes (fewer opportunities to retake classes).
- more professionally focused and shorter curriculum.
- less class and subject choices
- the degree commanding significantly less earnings
For whatever reason, the best students seem to end up at a few top European schools (like Oxford) or go to the US.
At the undergrad level, the subject matter is generally very well-established. But when you want a job after graduation, being close friends with the CEO's child helps far more than a few tenths of a point on your GPA.
Legacy admissions and nepotism are still very much a thing.