The unfortunate reality is that those elite circles usually do have the best among them. And having worked in FAANGs, there is some aspect of meritocracy, the code doesnt lie
But keep in mind that Google regularly launches new products and features that are more profitable than many startups, and then shutters them, and regularly launches individual features or pieces of infra that are industry leading (or defining, as in the case of k8s). They just aren't new consumer products.