I don't think thats a fair analogy. I think the point is don't let others define success for you. some people r t14 or bust because they assume people have the sames goal as them. Yes I want to earn a nice salary but I don't need a designer degree to do so. Yes it'll be harder to land a job interview but not impossible. I think bigs point is to be realistic.
Just because you shouldn't let other people define success for you doesn't mean that there aren't certain outcomes that are not, objectively speaking, failures. In the case of bungie jumping, if you've miscalculated and you hit the bottom of that gorge at full speed, that's failure. If after school you are $200k in debt and unemployed, that's failure (and I'm not saying this is what happens automatically when you go to T3/T4, but it's something that happens to people sometimes). My goal isn't to say, "you shouldn't got to law school unloess you're likely to get biglaw"; it's to point out that in general, the outcomes that result from law school are far less positive than conventional (lay) wisdom tells us that they are.
And I don't mean to be a downer here, or to repeat the T10 or bust theme. For the record, I have friends who went to T3/4 and did pretty well for themselves, and I have friends who went to T10 schools who ended up doing poorly for themselves. So it's not just school ranking that matters. Still, best to go in with eyes wide open.