Compare to: If everybody can read, reading loses value.

If everyone has sanitised water it loses value.

Value is the overloaded word. We don't need to scarcity things so dollar number goes up for some elite group.

A good test is forget money and think of human collaboration. People doing things. Does it makes sense from that perspective.

Best way to scale Harvard is easy: make all the other places better (or if they are make people realise that)

Maybe so, but also then everyone has a Harvard degree, which is MUCH MUCH better for society than a Harvard degree losing value is bad.

Of course if you're an ignorant right wing anti-intellectual climate change and evolution denying religious fanatic, the idea of everyone having a Harvard degree is existentially terrifying for other reasons that it losing a little bit of value.