This system would drop a Harvard top graduate for someone having a year of experience in some outsourcing firm.
I worked for a very large job board for the last six years, it's the one you're thinking of. What we found is that the outcomes of paying attention to what school you went to are almost entirely discriminatory, and not predictors of success.
Really depends on the program. In my undergrad program there were some very smart CS students who got great grades that really struggled with the programming. Smart and capable people can be bad at programming and lack many qualities that make for a good hire.