I'm the complete opposite. If I think a job looks interesting and see that the company has elected to limit their candidate pool by putting a lame qualifier like, "a degree from a top-tier university," I don't waste my time. It shows that the company is more concerned with how their employees are perceived than what they can accomplish. Pass.

I sometimes have similar reservations about companies that list arbitrary experience requirements too, especially when they're clearly just going off some industry norm. That's just me tho. YMMV.