The problem with this is that universities get away with screening processes that would be problematic at a company. For example, screening applicants based on SAT scores is a legal gray area for a lot of companies, but the college you went to is a proxy for your SAT score.

I'm convinced that more than half of the value of hiring someone from a top-tier college is who they admit, rather than what they teach.

Frightening true story: Someone I know at a government contractor startup was hiring a fortran programmer. As part of the interview test he was giving a simple fortran sritten test. The company lawyers found out and had him stop. Apparently tests that haven't been vetted for cultural/racial biases are a potential source of liability for government contractors.