That would be his point if he said "Ivy Leagues don't matter". But if we agree that someone from Waterloo stands out then credentials do matter. If I was looking for candidates, I would search first for "Waterloo" or other schools with programs like them.
It might not be prestigious to some people but where I work Waterloo carries a lot of weight. We also love Brown.
It's also not particularly prestigious, which just goes to prove Justin's point.