I don’t think it’s Ivy League schools to blame for this as much as VCs willingness to buy/sell BS and hype when it’s coming from an Ivy League grad.
If you're talking about FTX: MIT is also not an Ivy League school.
The Ivy League is really just a sport league. Back when I was applying to colleges I read that Colgate was invited to join but when they declined Cornell was recruited instead. (but can't find anything about this on the web).