Hiring costs time, money, and other engineers time and effort. Wasting money and time reviewing a pool with less good candidates will simply lose you business over time, as you waste more resources to obtain the same result.
The same pool where connections, rather than merit count? Where the candidates have (probably) been coddled by their loaded parents all their lives? Where they fake disabilities in order to get affordances such as better housing, "support" animals and so on?
I mean realistically you don’t know how good an engineer is until they get on projects and you see their work. But that’s true for Harvard too,