In 2018 The Atlantic explained this phenomenon, what the utility is, and correctly posited that it would not likely go away. TLDR; Status games and intra-elite jockeying among the overproduced elite. "Think about what it takes to claw your way into America’s elite strata. Unless you were born into the upper-middle class, your surest route is to pursue an elite education. To do that, it pays to be exquisitely sensitiv…
Also suggests why it shows up in high-status highly paid jobs like engineering, finance, executive suites, law, etc.
What was it a few generations ago? Patriotism? Being the correct race or religion instead of posturing about diversity?