Credentials are an imperfect, but reasonable, proxy for career trajectory; if you have two big groups of people, and one has a lot more degrees than the other, you'd expect that group to be more successful over the course of their careers.
If I was to make a ball-park guess, fewer people sue each other here, so there are fewer lawyers and the career path stays prestigious.
Graduating from a top 5 law program, clerking for a Supreme Court justice, being a partner or on partner-track in a top firm, teaching at a top university - this represents the 1% among the legal profession, and very high status.
Being an "average" lawyer from an "average" tier law program means average status, unless you break out from that and do something exceptional or entrepreneurial.