I don't see that at all. If anything, I think students here place more emphasis on the school they go to, which is why you frequently see students asking which uni is better for what, not to mention the relentless USYD/UNSW debates. In contrast, I never saw sort of discussion in the US. Also, American UG degrees are much more general, which is why students don't tunnel vision when choosing certain degrees like they do here. Higher degrees like med/law/pharmacy are only offered in grad school, and that's when they place some emphasis on picking better schools (and understandably so).