I suspect that this is not just about paying a bit less salary. Steve Jobs is known to value liberal arts and non-formal education talents which might have become part of the Apple culture.

After all, being MIT or Stanford means that you passed specific type of filter but that filter might not be the silver bullet and even bring monoculture.

Despite the fact that the elite schools have elite opportunities, more often than not, the most impactful things don't come from elite alumni.