It's rare, but some startups prefer their early hires to have degrees tier-1 schools. I assume this is to impress investors and (enterprise/gov) customers. Today's market makes this nearly impossible but I recall it being a thing in the 00's

However, they are looking for a very specific type of college graduate. Merely having a degree with a good GPA is insufficient for them. It must be a tier 1, name-brand institution.