I know at least 3 people on this list. Pretty much everyone I know considers it to be quid pro quo. One of my friends suggested that it cost their company ~$100K in extra marketing spend to secure a spot. The other two were backed by powerful people and didn't know how much it costs but it was considered a big favor. A VC offered me a spot on the list as part of their investment in a proposed company. I presume this was also part of their marketing spend.

I still think it can be valuable to be on the list. The US loves its secret and the not-so-secret societies and being in them can afford a rather nice fun life. I would generally recommend them if you can.

The age requirement is more than a youth fetish, it is a way of discerning privilege and privileged people are more likely to succeed and not make you look bad.

You probably shouldn't believe most of what you read in the news. For the people making investment decisions based on this list I'm sure the same people would have found some other way to waste their money.