The unfortunate truth is that people don't really know how to properly hire and identify talent, so we end up using signaling like education. Having a tier-1 degree doesn't always mean you're good - but statistically its a reasonable indicator. That doesn't mean its the only indicator but its one that is 'easy'.
I studied at IIT - a lot of my peers were brilliant but couldn't code their way out of a paper bag. Many have gone on to success, but not a lot in the tech industry on the technical side so I can see both sides of it.
For the record - we are actively hiring (details in profile) and we hardly look at your degree qualifications. Your Github profile is more interesting - and your in-person and phone interviews and work samples are generally much more informative than anything on paper.