(lackof)courtsense, you begin your post with a series of false statements. Specifically, you claim that the respective methodologies used : "... are based upon objective data, unmeasured data and subjective assumptions and beliefs."
I am not as familiar with the WSJ methodology as I am with the US News as they have publicly discussed the algorithm that they use in their rankings but I do know that there is a numerical input of a series of variables that generates the respective scores. In fact, some universities have manipulated numbers in an attempt to game the system and raise scores, e.g. G Washington U, and got in trouble for it. So I do not get the subjectivity as being an important part of the ranking system because if so it would be much harder to game than by manipulating numbers.
You also state that these rankings are for entertainment purposes only. That is clearly false. It is reported that senior university administrators have had their compensation and job tenure based upon those rankings, e.g. a major Boston-based institution - not to mention GWU, so I do not think that Boards of Trustees view them as you have described. The number of magazines sold when these rankings come out suggest that the families of prospective students take them seriously. After all, US News is a for-profit enterprise. And how do you know or can state authoritatively how the purchasers view the contents? That is simply an assertion with no backing to it.
I lived in Indiana only during my student days. I enjoyed my time there and was grateful for it. I believe that the student body at Purdue is more geographically diverse, both domestic and international, as a percentage of students attending, At least, that was according to reports published a couple of years ago. While I reminisce, I have enjoyed the occasional return though distance is a limiting factor in frequency. At least there is the Internet and the B1G Network.