Fancy schools might indeed, coincidentally, vet founders for the same things these particular investors are looking for.

For example, wealthy family safety net for extended risk-taking, connections for finding customers and partners and investors, confidence of founders in asserting will over hires, and appealing to class-based beliefs of other investors.

But since most of us aren't investors, this isn't to say that fancy schools vet for, say, hires.

While I generally like and respect the people I've known who happened to attend fancy schools, I've learned not to pay much attention to what schools someone attended.