I'm very biased.
Never played on a travel team and got a D-I scholarship. Neither of my college-aged girls played travel-anything, and both were offered athletic scholarships. My oldest is wrapping up her studies at a new school. A coach sat down with her for lunch to talk about playing next year, but she's too focused on her job in the science lab, so turned it down.
Also, people who are on a travel team usually play that sport exclusively, and - in my experience - 1-sport-athletes tend to gather up a localized debilitating injury. 2 tennis players I know have scar tissue related to a slight error in their play, but it was never corrected because they were also doing so well, so why fix it if you're winning? I never stuck to one thing, went higher than most people I know.
And when a travel-sport-player quits that sport, their family gives them so much crap for it, like, we've put so much into this and what about your future? Yeah, what about the future? The kid is trying to move on, and the parents are stuck in the past.
I personally have not seen that much success from travel players:
Example: My friend's son played travel internationally, and after HS went to Germany to play on a developmental team that paid him a small stipend, and that team won it's championship. But even with all of his experience, the D-I college team that picked him up did not offer a scholarship. When I saw him play, I could see why. He was as good as the rest of them, but not better. A possible reason is that he's not very tall.
Also, these travel teams are in sales, not recruitment:
Example: We brought my oldest to join a swim team I was on as a kid - the kind with travel "opportunities," and when they evaluated her they were trying to pitch us on her Olympic potential [I'm not exaggerating; they were telling my wife that she could be an actual Olympian] if she had the right coaching [had this team ever had an Olympian? If they did, it was a fucking secret!]. Mind you, my job paid $3,250 a month and our rent was $2,100, but my wife is hearing something that sounds like she'd be a terrible mom to pass up, so I had to tell her the truth: Even if our kid was a natural swimmer built for racing (she's not) we didn't have the money or time, nor would we sacrifice all the other kids' dreams, as well as our own, for this whim-based-on-a-lie.
Lastly, travel teams are not always the best players; they are often capable players whose parents are willing to pay for the prestige of being in a special club.