Perhaps I was a bit harsh (I don't feel bad), but I don't think I'm missing the point. They are attempting to create an artificial scarcity that promotes their idea of what a good dev is. It is elitist.
No. They are catering to a group of people who specifically care about pedigree. They are trying to replace the role of the recruiters who do the same thing.
The recruiters actively sell the idea that pedigree matters.