To showoff that they are greater than these tier1 colleges.
But who is paying attention to them. Indians are sheeps who will be impressed by MBA chaiwala, IIT Momo wala, IIM Doodhwala.
Azhar is a Bihari and I am confident he has cracked IIT. Most IIT students are from tier2/tier3 cities.
95% male and 5% females. Most of IITians feel like rural wierdos. Very few students actually develop their personalities. Unlike IIM grads who are more polished, presentable etc.
A Harvard student would most likely have well connected and deep pocketed parents. Eg. Zepto founder is a Stanford dropout with wealthy and connected parents.