This is about certain people, particularly privileged rich white males, not wanting consequences…

“This is about certain people […] not wanting consequences for their actions and wanting to be coddled.”
I can’t agree more. But you don’t want this type of privileges to disappear, you want to appropriate them yourselves. Those who mainly want it are rich white women and people of color who have decided they can play the identity politics card instead of trying to succeed on their own merits. It’s funny how these “bringers of change” are often overprivileged themselves, while trying to appear as if they are the “oppressed” ones.

“The problem is that privileged college students think college is a fantasy world or video game where you can wake up, or press reset, your mistakes have vanished into thin air and you can do everything over again.”
Honestly, I don’t see a problem in this. First, every college student in Yale is privileged when compared to the nation as a whole. And second, nobody can be expected to not make any mistakes during her/his first attempts to live in the real world. You have to get drunk a few times before you learn how to drink responsibly. So, just leave what happens in college to stay in college. Otherwise you’ll just make people too afraid to even try.