Excessiveness of Networking

Im a student at a target school for MBB and was recently speaking with someone at an MBB. This person mentioned that networking can be excessive and cold calling people on Linkedin can do more harm than good. Could someone explain why? I thought that its better to have as many people to vouch for you. 

This person said that it's better to go to formal events through or school for consulting instead of doing separate one on ones with people.

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