For sure, it's a lot easier for people who did undergrad at Standord/MIT/CM to get the internship (and the FTE role). But we shouldn't confuse "Stanford CS grads are overrepresented in high-end engineering roles" with "most high-end engineering roles are done by Stanford CS grads". Most people doing this kind of work went to a college you never heard of and maybe didn't even study CS.
Oh, I think the pool is a lot larger than that. I've seen pretty good industry hiring representation at a bunch of first-and-second-tier non-Ivies, includes UCSD, Washington, Waterloo, Purdue, Chicago, UTexas, UCLA, and a lot of others. (And similarly, the company base is a lot broader than just FAANG.)
I bet there's a set of 20 or so schools, though, that make up a disproportionate amount of those high-paying jobs, though certainly the long tail is very long.
