I noticed a stream of it back in the 00s and probable 90s with the tech boom.

It seemed timed at least partially a result of the old order being upset at their heritage not being the gatekeeper it once was.

The Ivy Leagues have a long history of pssudomeritocracy in the form of moving goalposts to favor the legacies whenever an upstart group gains "too much" of a share. It is reminiscent of the Jewish quotas of old and they were indeed targetted