Earlier quoted context omitted.
Once again this is just playing into silly stereotypes. The sort of positions you're describing, at least in cases where it's remotely desirable, are stupidly competitive - substantially moreso than e.g. FAANG positions. And these positions, particularly in finance are absolutely brutal, and completely unfit for the overwhelming majority of people. It's not like you flash a degree and you're off to a life of luxury.
I don’t think you need to flash a degree you simply need to get in to get a life of luxury. It’s not like I can go to the Yale club in NYC.
The main reason you see a disproportionate number of people with nice sounding names on their resume in high positions is because to get that nice sounding name on your resume, you already needed to be an elite academic outlier before joining them.
Like imagine I started a basketball school - and was able to get a disproportionate share of people 6'6" or taller to enroll. I'm going to be pumping out a disproportionate share of NBA professionals, regardless of what my school does. Not because of my school, not because of some special hook-up with the NBA, but because of my ability to grab a disproportionate share of 6'6" types who, in turn, make up a disproportionate share of world class basketball players.