My 2 cents...
There are smart kids everywhere, including at the worst universities in the US. There are also outstanding faculty members and in several cases high quality individual departments or areas of study at many public institutions. There are a lot more of them at Wake (or at least their used to be). The "best school" lists are notoriously flawed for reasons too numerous to list, but I think a pretty good sign of how good a school is is how successful its alumni are after they've finished school. Of all my acquaintances at Wake, I'm easily the least successful as a career government flunky, but I'm content and live comfortably. Everybody else is either in the very to enormously successful range, and I hung out, by and large, with a bunch of drunks and potheads. But they were smart.
Same thing can be said for my brother, who went to Davidson. All his buddies became doctors, lawyers, and Indian chiefs.
My other brother who went to KU, not so much.
Granted, I can't speak for the quality of education since I left 30 years ago.