Why do you feel that the audience for reality TV is "uneducated"?
I know of people who went to Ivy League schools, have medical degrees, are professors, teachers, professionals who watch and enjoy reality tv.
What about people who watch sports? Do you want to lump the beer drinking tailgaters (who may be educated actually) with others who may enjoy watching sports? Is there anything intellectual about that? Is there anything intellectual about watching anything that is purely entertainment on TV?
Big Brother US just finished its 14th season. Jersey Shore is in season 6. Real Housewives Of Orange County going into season 7. Somebody's out there watching it.
Having said that, this does look particularly light weight. The appeal of Silicon Valley in the tv sense is the money, but these will be people without money. The promo makes it look like a show about wannabes on the party circuit. I guess that might work, but if I were doing that kinda show I'd aim at Hollywood or maybe NY.