I agree with your point that you don't read about the "silent majority" on Hacker News and TechCrunch. Consumer internet touches more people's lives so you hear about it more, especially when said founders are 22 and straight out of school. It's a story the media likes to tell.

Google, Cisco, Kiva, HP, Sun Microsystems, Theranos, Yahoo, Trulia, StubHub, Lytro, Coursera, Bonobos, Snapchat, and Instagram came out of Stanford in one way or another. These companies showcase a diverse range of tech that IS useful.

It's unfair too to say that social media doesn't do anything useful. Facebook reports 1.4 billion MAUs and works to bring the internet to more and more corners of the world. Snapchat's social component has given it the platform on which to innovate.

True, many Stanford students are already wealthy. True, there's a recent trend toward social media companies. But, Stanford continues to be a place where students work incredibly hard and remain motivated to do impactful work. Stanford has a storied history of entrepreneurship that begins before Snapchat and will continue after it.