They have a hard problem. Looking for a job makes you less attractive, and there are a lot of people on the market who aren't qualified at all (non-Fizzbuzzers). They want to have only desirable applicants, which means they need to control quality (otherwise they'll get spammed) and the intention behind the exclusivity is rate-limiting, which makes a lot of sense, but I think they douched it up by focusing on the wrong things (school and company affiliation). That's especially bad now with all the MBA carpetbaggers in tech. Focusing on degrees and prestigious companies makes you (at least seem like) the wrong kind of people.

I would have made it Silicon Valley only: either you live there, or you'll move there. (I'm in New York, so it might seem unusual that I'm suggesting excluding my city, but you need to limit inflow and that's the best way to do it, because job markets are pretty local. You add cities once you have traction and are looking to scale.)

Then I would have partnered with a company like Kaggle in order to get access to people who can actually code. I've met a lot of mediocrities with prestigious resumes. One of the biggest problems with hiring is the number of people who have established a great connections <-> great jobs loop but don't know anything.