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.
The comment above mine said "Academia pays absolutely terribly for an elite job". But earning doesn't really come into a truly elite (status-wise) job, because the person doing it doesn't need to earn to live.
A different way to become a low paying professor is to research and earn 7digits+ from patents