You're assuming that people who are admitted to Ivy League schools a) have higher IQs than average and b) have parents with higher IQs than average.
Neither of these need to be true. It's a incestuous system where it's easy to believe that people of average IQ have been born into privilege for generations and succeeded only because of their family wealth and connections.
Are you saying that say MIT and Caltech students don't have higher than average IQ? It's almost a certainty that they do and I'm sure it extends to the Ivy league and other elite schools.
I'll bet that most students with good grades who are applying to elite colleges have higher than average IQs.
MIT and Caltech are not Ivy League but even then I'm sure they have a lot of students who benefit from private schools, private tutors, and pricy college prep programs. What differentiates the ones who get accepted from the ones who don't?
Hereditary is not the same as genetic. Non-genetic inheritance exists; gene expression can be affected by trauma or want experienced by immediate ancestors. The traits that result from this inheritance can be modified through therapy; the framework for the unmodified trait continues to exist in the organism, barring catastrophic environmental circumstances.
The ability and willingness to perform well on IQ tests is a metric which deserves adequate analysis.
Taking it out of scope by conflating it with "potential" and "heredity" is a lack intellectual rigor.
IQ is not "intelligence". Low IQ closes many doors. Normal and above IQ aren't correlated with anything. For example in "Zagorsky JL. Do you have to be smart to be rich? The impact of IQ on wealth, income and financial distress. Intelligence. 2007 Sep 1;35(5):489-501." https://gwern.net/doc/iq/ses/2007-zagorsky.pdf There is no relationship between IQ and wealth. And income after an IQ of around 100 barely goes up.
About heritability, that doesn't say that if your parents had an IQ of X you will have an IQ of ~X. It says, two people with "identical" DNA will have IQs that are very similar! There's also the big caveat that many scientists think these studies have confounds that overstate the results. But even if they are real, they don't mean what you think they do.
That article does not say what you seem to think it says. Heritability and IQ are both fairly complex topics and citing a single article out of context doesn't do the subject justice: https://en.wikipedia.org/wiki/Heritability_of_IQ
That said, your statement does not follow from your argument. The heritability of IQ is unrelated to whether people's potential is wasted by being denied access to a nepotistic college system. The school system is not a meritocracy either.
