One would have to have data about the relative sizes of student bodies of all schools everywhere vs. the Ivy League schools, which I don't have.
But, it's easy to say that a lot of the YC company founders that I know came from the following schools:
Stanford (by far the leader, I'm sure)
MIT
Oxford (a surprise to me)
CMU
But, a lot also came from other places. I can think of examples from UPenn, University of Florida, many of the UC schools, Monash University (in Australia), as well as folks who don't actually have a university degree (me, for example--I went to a bunch of different schools for a bunch of different subjects, and none worth speaking of).
I suspect the "disproportionate" numbers are due to the basic fact that folks who go to an "elite" university are more likely to be highly ambitious, and school was just another way to achieve. Motivation plays a big role in getting into YC...and getting into and graduating from a top university takes a lot of ambition and motivation. I don't think YC thinks a lot about the college field on the application. If they did, Virtualmin wouldn't be a YC funded company; though my co-founder did go to a good school, I didn't know what it was when I filled out the application, so as far as YC could tell we were both marginally educated.