Pair it with the idea that the primary filtering signal of top tier schools is in the admission, not the graduation.
Something like 99% of Harvard end up graduating, so simply having a Harvard degree doesn't tell me much more about you than simply having an admission letter. If you were admitted, then it's almost certain that you'll get a degree.
So, if instead you hold onto your admission letter, as proof of ability, and then go to a lower tier school where you can be more certain to be one of the biggest fish in the pond, you get the best of both worlds. Hell, even include a list of "universities admitted to" on you resume to signal the brand name to employers that aren't smart enough to realize the brand doesn't matter much anymore.
Then again, why would you want to work for an employer that still puts stock in college brand names over individual ability?
I did consider the possibility that one could say "I got into Harvard but went to X because..."
This could have made sense before Harvard's financial aid became so generous, but now they give loads of aid to middle- and low-income students.
It would sound a bit weird to keep saying "I got into Harvard...", likely for the same reason you mention at the end. Who wants to be an eliteness snob? Unfortunately there are many such people in the world, which is part of the reason their cachet persists.
I have known multiple Stanford students who still bring up the fact that they "also got into Harvard." It seems that if you get into Harvard, you should just go. The brand name is too powerful.
Something like 99% of Harvard end up graduating, so simply having a Harvard degree doesn't tell me much more about you than simply having an admission letter. If you were admitted, then it's almost certain that you'll get a degree.
So, if instead you hold onto your admission letter, as proof of ability, and then go to a lower tier school where you can be more certain to be one of the biggest fish in the pond, you get the best of both worlds. Hell, even include a list of "universities admitted to" on you resume to signal the brand name to employers that aren't smart enough to realize the brand doesn't matter much anymore.
Then again, why would you want to work for an employer that still puts stock in college brand names over individual ability?