ElLoco
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These universities have lost a lot of credibility recently due to affirmative action and blatant nepotism. Even though those forms of discrimination have always existed everywhere, e.g. in German is called Beziehung, in Chinese is called 关系, the shamelessness has never been this bad.Totally but than again people expect you to network out of thin air, it takes effort.
Name is also important, once you have something like Oxford, Cambridge, MIT, Stanford or Harvard in your resume it does get you the job.
When it comes to knowledge that is up to you, whichever uni you choose if you want to learn you have to work hard.