it isn't exactly the fact that you got your phd from harvard that makes the harvard degree so valuable, it's that your thesis director is a Harvard professor an

it isn't exactly the fact that you got your phd from harvard that makes the harvard degree so valuable, it's that your thesis director is a Harvard professor and your letters of recommendation are from Harvard professors and other top schools, and the labs you worked at were lead by harvard professors etc. You could remove the fact that the applicant was themselves graduating from Harvard and all of that would still give them the repuation by association of a Harvard PhD. There are just too many additional factors that go into faculty hiring that continue to rely on reputation gained from association with prestige.