In theory it would. But either the schools are so good they can make cheaters good in the workplace or the workplace doesn't need the best and brightest (I guess cheating the the workplace could be a third answer).

Or, the cheaters don't end up in good workplaces - some will get washed out early, some won't get accepted, some won't even apply. A good diploma doesn't mean immediate, effortless transfer into best companies - you have to do some work applying and interviewing. In particular, I believe the kind of roles your rich family can get you through their network probably aren't the best ones - you're more likely to be given irrelevant make-work that doesn't disrupt the actual business, and your paycheck is just a price of your sponsor's friendship.

Also, some of the cheaters - particularly of the lighter kind - still absorb enough knowledge through osmosis + self-study that they can back up their diploma with actual knowledge.

Ultimately, I think looking at the aggregate outcomes, the correlation between students cheating and university getting bad feedback from the market is weak enough that it just doesn't form a strong incentive for universities to do anything about it. It takes a widely-published scandal to temporarily change that.