Pedigree gets noticed as a social and business scarcity signal, and ease of opportunities and expectations ensue. "It must be good if it says 'Mercedes'!" (just don't check the used car ratings for that model not built in Germany)
What I noticed was pedigree dulling or "overload" amongst high performance individuals from relative overachievement backgrounds like EE/CS and MD IITians + Ivies. At that point, they're "Mike", "Bob", "Venkatash" and the titles and diplomas are hiding in the corner somewhere. The ideas and work were central over an antithesis like: "How can you help my personal-professional brand get another book deal, startup funding round, and TED talk?". One time, a new software development manager came in and drove 5 developers into resigning by trying to micromanage and impose ", Ph.D." authority (a type who belongs MENSA and brags about it) on them. Sigh
The smartest successful people I've known are/were decent people. The latter might have something to do with it. I've seen enough gloriously cocksure, arrogant individuals set themselves up for hubris like Theranos.