The value of a university when there were originally created is certainly not the same one as it is currently. Times have change, teaching and research as well, and the social and cultural framework are quite different.
Those rankings out there want to shed the idea of certain values as if they were formally universal. Many of us believe those rankings are rather "mischievous" (sic). It fine answer to the question is to be supported by the social and cultural framework. And culture, as we know, entails diversity.
Our university today is expected to perform the three functions of instruction, research and extension, to help improve the quality of life of the Bicolanos and the Filipinos by producing scholars who would become servant leaders someday, technology that would be useful to the society and community outreach through the introduction of the technology it has produced.
Each college has its mission. There are some differences between public universities and private universidade. In the case of public universities, also have an important mission which is the university extension: science in the service of society, especially the most needy.
But there are many ways to govern a university. Adam Smith (in The Wealth of Nations, 1776) shows detailed behavior of university faculties of his time. In some universities, more or less prestige, these behaviors have not changed much.