My guess is students who applied to one elite college applied to more than one elite college, and not all colleges, elite or otherwise, are involved in this particular scandal. If those same students are rejected by all the elite colleges they applied to, then perhaps they're not capable of success at an elite college. I know I wouldn't have been.
I think of this as an entertaining kind of scandal. It involves rich people, celebrities, name brand colleges, the SATs, and photoshopping, any one of which would be sufficient, but all in combination is close to irresistible. But I don't think it's a one size fits all scandal, and I doubt that the worthy students who were turned down by the affected colleges have gone on to lead miserable penniless lives.