I think that Oxford and Cambridge are arrogant as fuck and have been resting on their laurels for far too long. They have been rejecting fantastic candidates - based on prejudice (such as having attended a private school) and seem to think they have some sort of divine right to be lusted after by everyone.
Competition for the top handful of universities in the most popular subjects is fierce now. “Lesser” universities, such as St A, Durham, Bath, Warwick etc are lapping up brilliant candidates that Oxbridge have passed over. Graduates from these unis are highly employable - often moreso than people who’ve graduated from Oxbridge. Some Oxbridge students think that they have Oxbridge on their CV so they don’t need anything else on it. Some people doing interviews will have been rejected from Oxbridge back in the day and still feel salty about it and look unfavourably on current Oxbridge students.
I absolutely hate this Oxbridge romanticisation. I wish it could just stop and we could delete this sicky portmanteau - it’s no longer warranted. Yes, they are great universities, but they are not what they once were. And there are plenty of great universities - ones who have really stormed up the rankings and have seriously high calibre students.
I think it would be better if brilliant students had the confidence not to apply to Oxford and Cambridge - and those arrogant fuckers had to actually try hard to encourage the very best students to apply. I don’t know why we tolerate this unjustified elitism these days.