It's treated as "good enough", and now the the second generation of SWEs, PMs, and AEs are getting hired I've seen their parents (a large number of whom are now mid-level leadership in most tech companies here in the Bay) increasingly lobby to include these "lower tier" UCs to the recruiting pool.

My point is, for the younger generation a university's societal eliteness just isn't a strong predictor for success, and I strongly believe data will back up this observation within the next decade (there's usually a 5-7 year delay on data gathering in the social sciences, eg. Data from 2018-22 is only now starting to be analyzed).