I remember this being said about NYC investment bankers (often Ivy League grads) during the 2007/2008 Great Recession.
Around that time, Silicon Valley upstarts were seen as the altruistic alternative. Google, Facebook, whoever else was getting started around that time, were giving you a "free" service. Whereas Goldman Sachs and company were being broadly (and appropriately IMO) castigated for ruining lives and crippling the economy.
It is interesting to have lived long enough to see the heroes turn into villains.