Academia remains an option even if you don't get into a top-10 ML school, if your research is good. Granted, it's tougher to get published and cited, because you're less likely to know people who can push your work, but if you do good work, you can still play.
Government may be an option, although it doesn't pay as well as industry and you can end up in a comfortable but stifling role.
In corporate, though? Yeah, you pretty much need to have the appearance of star power, which means degree prestige matters. Whether you're actually any good (and, trust me, there are plenty of mediocre people from top schools) doesn't really matter, because the decision-makers are too stupid to know the difference.
There are ways to play this, though, if you're aiming at industry. Harvard isn't a top-10 CS department, but the people in corporate aren't going to know that, and so "Harvard PhD" is going to make them fellate you just because it's Harvard. That may be an avenue. Or, better yet, get a PhD in something that sounds technical but is easier and less selective.
That said, if your goal is to play the corporate game and make a lot of money, you should probably forget about ML and focus on becoming a manager as quick as possible. If your goal is to do intellectually stimulating work, you should probably not consider corporate, because your work is going to be evaluated by people who are literally 50 IQ points too dumb to do so, and while this noise factor is manipulable rather than truly random, the people who have the skills to do perform said manipulation tend to go into management, not technology.
Government may be an option, although it doesn't pay as well as industry and you can end up in a comfortable but stifling role.
In corporate, though? Yeah, you pretty much need to have the appearance of star power, which means degree prestige matters. Whether you're actually any good (and, trust me, there are plenty of mediocre people from top schools) doesn't really matter, because the decision-makers are too stupid to know the difference.
There are ways to play this, though, if you're aiming at industry. Harvard isn't a top-10 CS department, but the people in corporate aren't going to know that, and so "Harvard PhD" is going to make them fellate you just because it's Harvard. That may be an avenue. Or, better yet, get a PhD in something that sounds technical but is easier and less selective.
That said, if your goal is to play the corporate game and make a lot of money, you should probably forget about ML and focus on becoming a manager as quick as possible. If your goal is to do intellectually stimulating work, you should probably not consider corporate, because your work is going to be evaluated by people who are literally 50 IQ points too dumb to do so, and while this noise factor is manipulable rather than truly random, the people who have the skills to do perform said manipulation tend to go into management, not technology.