Waterloo has been prestigious for at least 5 years (when I was applying it was among the hardest Canadian universities to get into, and it was already globally recognized). The only thing that has changed is more VC money, and more startup incubators, drawing the interest of progressively larger institutions.
I think the whole "meritocratic" argument is stupid. But it's worth pointing out that Waterloo is a self-fulfilling prophecy: a lot of startups are being founded because a lot of support and infrastructure is being thrown at the students. Whether the students are more suitable than others is anyone's guess, but they're in the right place at the right time (and they can afford the tuition).
Whether or not Waterloo is a self-fulfilling prophecy, after having professional experience with Waterloo graduates, I cannot help but pay attention when Waterloo vouches for somebodies merit.
Whether Waterloo is making merit, or merely distilling it out of the general population isn't really important in this case.
I think the whole "meritocratic" argument is stupid. But it's worth pointing out that Waterloo is a self-fulfilling prophecy: a lot of startups are being founded because a lot of support and infrastructure is being thrown at the students. Whether the students are more suitable than others is anyone's guess, but they're in the right place at the right time (and they can afford the tuition).