Imagine a university that every Venture Capital firm in Silicon Valley looks at and goes "That guy must be good, he dropped out of MIT". It's not only that MIT is a good university, it's that it quite literally opens doors to hundreds of millions of dollars if you choose to build a start up.
I am from India (and never been to US). Even in India, people recognise MIT as the best institute all over the world. It does carry very high brand value. Even for me, if someone has done STEM studies in MIT or Stanford, I'd value them very highly.
Does being from MIT actually mean anything?
In my country we don't really have a university that people would great about or that would how any special status, at least not that I would know of.