They've been extremely selective for folks with no relationship, yes. They've never been particularly selective for the family of donors or legacy. But, there's not really any way to tell if John Doe Harvard '23 got in because his great-great-grandfather also got in, or because he's hot shit.

I don't think this is altogether a negative, if you're hiring an investment banker then yeah the rich or connected family they come with is a benefit so you're probably in a good space regardless.