In doing that you're also buying into an exclusionary system that benefits the extravagantly wealthy.

These institutions hit a critical mass, then they get powerful alumni and have dynasty that self perpetuates. Everyone knows you don't go to college to get an education... at least not if you're trying to win the US capitalist game (which most educated people realize is their best bet), you go to college to network, and sometimes for hands on experience, which can be gained anywhere. The academic material itself is usually useless.

So what you end up with amounts to a privilege factory. Sure you also might have extra opportunities to gain wisdom from exceptional people that don't exist elsewhere, but this is quite rare, and a substantial percentage of students never see it (ie. nuggets of wisdom they couldn't get by grabbing a random engineer with knowledge of the subject).

Mostly you're just getting a chance to rub elbows with the elite. See how they function and hopefully gain some allies with power. I think it may often be true that employees from elite schools can do better. You're hiring based on pedigree, which works in many cases, but it's questionable how it impacts society.

BTW, I've also heard the opposite about ivy league employees. They tend to be entitled, unwilling to get in the trenches, and always seem to think they could be doing better. Also, I've heard lots of complaints that the personality issues tend to be worse.

P.S. I wanted to explain why I think most intelligent people eventually decide to "play the game" and go for money / power. No matter how meaningful your career, you will probably just end up doing the same thing: making the world worse, by helping your corporate overlords, only with far less money.

This is very true for almost any calling / "just cause" professions.
* Police - spend most of your time ruining poor peoples lives for an injustice system
* Doctors - again ruining poor peoples lives, otherwise abusing patients, and trying to prevent them from getting health care
* Nurses - Pretty much the above, with less evil decisions, more thankless work, less money
* Mental health / psych - Watch people slowly be bled to death by a system that cannot help you. A substantial percentage of your patients will see you as like a horrible witch poisoning them (not just the psychotic ones!). You will "help" by stripping them of rights.
* Social worker - you will have all of societies problems dumped on you, overworked and make no money. You also get to play the role of cop and ruin peoples lives (people with horrific upbringings), who will now hate you. It's your job to get the drug addicted SA survivor into jail, sometimes through shady means.
* Nonprofit - worse corporate politics and guilt when you realize how much money goes to perpetuating the organization instead of helping.
* Engineer - no matter how brilliant you are, you will be implementing someone else's idea. You will be expendable. You will be undermined and blamed. You don't get to own anything and it's mostly thankless busywork.

Anyway THIS is why most people eventually decide that they should just maximize money/power. It would arguably be hard to decide if the work lived up to reality. When it's just as hollow and empty, yeah just go for $$$.