From what DD1 told me, it's a PITA, sorting out the insurance, hotels and trying to get all your group into one accomodation. Tickets sell out really quickly indeed, so loads of people are disappointed. DD1 missed out on the first trip, but did get on the second trip. I think it's FOMO that drives people to book a varsity trip, but I guess it's nice to go on one.
The social side was not as good as she hoped, but she loves skiing (and wolves).
She did organise and book a few holidays to other places though with small and large groups of students, UK and abroad. You can do the same holiday with your mates, same area, similar dates and price.
I reckon your DD should try it; even if she feels like a fish out of water, it's something that students want to get under their belt.