I guess it depends on whether you want to agree to that stupid system. When I interview now, I rarely ever prepare, and I'm completely honest with the extent of how much I remember and don't with the interviewers. If, on learning this, they think of it as a deal breaker, I think its a good thing for both of us to not be working together. However, if they don't judge me, but are willing to provide that information and work with me on the solution, I am fine with it.

I had a really bad experience with this recently, where I had a final interview which went really well in 3 out of 4 interviews. In one of them the interviewer was expecting a very specific solution, and I believe that I said something like, sorry I don't exactly remember how tries work, and I believe that is what resulted in no offer.

At first I was disappointed greatly, since it seemed like a great opportunity, and I had a great interview and experience with the other 3. But in hindsight, I realized I would really not enjoy working with this person every day.

It’s a loss for any interviewer to let pedigree bias them one way or another. If you’re willing to be interviewed, then they’ve got a pretty good opportunity to make a much more informed decision than letting their bias do it for them.

I'm not sure I'd want to work at a place that was hiring me based on just the school I went to. Similarly, I don't want to work at places that screen on irrelevant "CS fundamentals", because some of my favorite developers to work with would never be hired there.