My daughter goes to accelerated high school. Its great for her and her friends.
The main problem for society is that 50 years ago you didn't need to have great grades to get into great courses, or colleges. Now you have to be in the top 5-10% whatever. There are lots of people who are in the regular schools that could be doctors/engineers/lawyers but wont get in because its an arms race. If you have to be in the right elementary/middle/high school to be a doctor its too hard for regular people.
We have too few great colleges around for the potential population. Should really be building more colleges and expanding the existing ones. MOOC's and open educational content are an inefficient band-aid, in-person instruction should always be preferred.
The colleges we have are too expensive. They tend to bundle up sports/research/culture/medicine/whatever/education. Students have to pay tuition to support all that. If you're strapped for cash, there's not really a way to opt out of all the bonus content and just get the education.
Artificial constraint of supply by elite colleges.
With Endowments well into the tens of $Billions there is no reason schools like Harvard, Princeton, Stanford, Yale, Etc. can't have freshman classes of 10,000 instead of 2,000.
They don't have to go to "great" colleges that highly restrict admissions. You can be a lawyer, engineer, pre-med or nursing at state schools which are much easier to get into. Med school itself has some issues around things like residency programs, which are more a healthcare system and policy issue than a prerequisite education issue.
Both Law and Medicine are famously exclusive to "great" colleges. Like you mentioned, it's already tough as it is it to complete residency even if you attended a good school, but Law has revolved around the T14 for a while now.
It depends on what you want to do with the law degree. If you want to be in some highly coveted position, then you need a big name. Otherwise, there are plenty of state schools.
The main problem for society is that 50 years ago you didn't need to have great grades to get into great courses, or colleges. Now you have to be in the top 5-10% whatever. There are lots of people who are in the regular schools that could be doctors/engineers/lawyers but wont get in because its an arms race. If you have to be in the right elementary/middle/high school to be a doctor its too hard for regular people.