Hiring is still a pretty non-uniform thing despite attempts to make it less so - I'm sure there are some teams and orgs at all these large companies that do it well, and some that do it les well. I think it is pretty well accepted that university brand is not a good signal, but it is an easy signal and if the folks in the hiring process are a bit lazy and pressed for time, a bit overwhelmed by the number of inbound candidates, or don't really know how to evaluate for the role competencies, I think it's a tool that is still reached for today.

In a way, I think the hiring process at second-tier (not FAANG) companies is actually better because you have to "moneyball" a little bit - you know that you're going to lose the most-credentialed people to other companies that can beat you dollar for dollar, so you actually have to think a little more deeply about what a role really needs to find the right person.