Wharton and Harvard supremacy — fact or fiction

Curious to hear industry perspectives on this. As a college student, seems so fake. Ok, maybe Harvard has a little more cache than the rest, but marginal. Wharton, though, is far worse than HYPSM, and there are a handful of other schools I personally think are a notch above Wharton (UChicago, CalTech). It’s all pretty marginal though. So I ask, where does the idea of H/W supremacy come from, and is there anything to substantiate it?