What is the point of that? They already have the connections and power. They're not learning anything. What's the point?
It is a form of pride and pretend superiority, false legitimacy and so on.
As someone without a college degree in tech, and who has attempted but failed to get a tradition “corporate” job based on skills and track record I can sort of understand. Not the same thing at all, but you’d be amazed (or not?) at how much importance some folks put on having a piece of paper even in casual social settings in some circles. Actual skills need not apply.
One could say the same of a billionaire buying their idiot kid an Ivy League education. They're clearly not going to benefit from it. But it looks good and might fool a person here and there.