If my daddy makes 7 digits per year and set me up in a trust then I don't have to work to live upper middle class. Therefore an "elite" aka prestige only position that pays pennies may be more elite because i don't depend on the pay like the plebians.
A different way to become a low paying professor is to research and earn 7digits+ from patents
I'm not disputing your point about prestige, and I'm sure that people whose 'daddies make 7 digits per year' would be interested in more prestigious roles and less interested in pay. But I really doubt that most professors are trust fund kids who don't have to work.
A different way to become a low paying professor is to research and earn 7digits+ from patents