One thing is that since people from not so reputable university get to have very few interactions with those from elite universities, we assume elite university students are lot better at programming.

Today, you can directly take a look at their craft on github, this has given much confidence to those from lower rungs of the society like, hey! I can create better than this person even tho i am not from such an ellite university. This along with the meritocracy in tech levels the playing field where the ones from better universities should found startups by using their connections instead of working for companies