This. An individual metric and status like this can be dismissed but they can't be ignored as a very clear big picture.
Did I chose ISU in the 90s because it had AAU status? No.
Did I research ISU's general academic reputation, rankings and standing vs the rest of the country as a high school senior? Yes I did.
Do I like the fact that the school where I got my degree loses ground compared to the rest of the country and world every year? No, not at all.
At least at this point in my career my portfolio and resume are 99% of what matters. Coming out of school and hitting the job market is really the main time when that reputation of your degree matters, maybe a little networking if you live among a ton of alumni. Living and working near a lot of inherited massive generational wealth the past 7 years has opened my eyes a bit that even among those highly ranked AAU schools there's kind of an "old boys club" line where the Ivy and similar open doors that degrees like Michigan St, Iowa, Purdue, KU etc do not.