The number of MIT/Stanford/Harvard kids running around the valley should disprove that point. As someone who attended a Goldman/McKinsey farm school, many of the prestige chasers who would in another era have gone to a bulge bracket are going to work for a FAANG or a unicorn instead because they do see tech as an appropriate substitute for a more traditional high prestige career.

I've heard that "actual" engineers, like people who design plants, vehicles, bridges, buildings, etc. are considered higher status in Europe than in the US. Here I think probably the top 20-30% of software developers are better regarded (and make way more money) than most of these engineers, unless these engineers are on their way to upper management or determining investments. I also think whether you're one of those people -- your social class, basically -- is pretty much determined by the day you turn 18, even in the US.