I tend to agree, though our industry is much less pedigree obsessed than most. A degree from a top CS program will get you an interview at a FANG, but a degree from a top law school (I'm talking really top, like top 5) will largely get you a job at a big firm. Similar situation for top MBA programs.
I wish I had a cite, but I remember reading a while back a study that concluded it doesn't matter where you go to college - provided you major in STEM. I suppose the corollary is that it does matter quite a bit if you don't major in STEM.
This, as an aside, might explain why the most elite students in the US (unlike internationally) still eschew engineering and hard science in favor of economics, humanities, law, and other non-STEM fields. If you're at Harvard, why not study the thing where the Harvard pedigree actually gets you ahead? A CS degree from Harvard may land you that google interview, but if you're applying for an SWE position, you still need to be able to write snappy tight code a the whiteboard to find all matching subtrees in a binary tree. Law school interviews seem to be more general and conversational (this is anecdotal, but based on quite a few close friends who went this route) - law firms don't subject their candidates to a detailed re-hash of their 1L civil procedure exam.
That said, our industry is so obsessed with technical interview exams that I'd say neither degree nor open source projects is especially important, beyond what it takes to get you into the door. After that, you really do need very sharp whiteboard coding skills, and if you have them, it doesn't really matter if you went to SJSU or MIT.
I don't love interview coding exams, but I actually do like the fact that high tech is less obsessed with where you got your degree (or whether it was a math, CS, other related fields), provided it was from a program that teaches the proper curriculum. And I am genuinely relieved that we haven't empowered some NGO to decide what degree is required and where it can be earned, the sort of thing that allows law schools to put a $150,000 degree between smart people and the practice of law (backed with the force of criminal and civil sanctions). That last bit about SJSU wasn't meant as any sort of dig art all, there are lots of very talented people at that school, the curriculum is proper and rigorous, and their tech graduates have a much better crack at joining top tech companies than a 3rd tier law school grad would have at a big firm job (whether a big law job is any sort of prize to covet is a different matter, of course!)