If it's not about physical traits (which is good) then why does it matter? You realize every company does in fact discriminate for talent? (which is also fine).

We all want smartest, more capable and most reliable people, not a mix of smart and average and dumb just to "represent". Picking the top schools aligns for that, as long as your competitive enough to hire them.

I challenge your characterization of anyone who's not from Stanford or an Ivy as dumb

However, if that's what you want to believe then more power to you. Hire whoever you want. I'm just agreeing with OP that the target of diversity programs is decidedly not to get diversity of life experience -- because there are much better ways to attain that than hiring by skin color or gender.