I remember before the internet, and a degree from Harvard, Yale or Oxford still would've made you Jesus-with-a-keyboard. It's about branding, i.e., transitive

I remember before the internet, and a degree from Harvard, Yale or Oxford still would've made you Jesus-with-a-keyboard. It's about branding, i.e., transitive trust - I trust Harvard, Harvard trusts you, therefore I trust you. As joe-the-user points out, this gives it value, and has nothing to do with whether it is currently over- or under-valued.