Actually, no. Academia isn't "fair". Actually, though, life isn't fair either. But you make of it what you can and find ways to success on your own terms.
If you feel that you need to be at the very top of the heap you will most probably be disappointed. Einstein didn't do relativity to be seen as the smartest person around. He did it to learn something about the world as it is.
Yes, graduates of top schools have an advantage in some ways, but, then, many of them had advantages from birth. Some of them had advantages thrust upon them. Some achieved advantages on their own.
But that doesn't make you a lesser being if you don't have those advantages.
One of the things I learned in my modest academic career was that I was about as smart as the superstars that I heard speak at conferences and that I'd had many of the same ideas they were expressing. They had better opportunities to develop those ideas and get them into print and into conferences, but I didn't treat that as a problem. Instead it encouraged me to keep thinking "deep thoughts" as best I could.
If you get frustrated because someone else gets credit for something that you also did then you will be, well, frustrated. If they haven't actually plagiarized you then there is really no solvable issue. The world ain't perfect and we would probably all be miserable if it were.
OTOH, if you discover prior work done on some important topic where credit is due but not given, then it is good to bring it to the fore. Not, specifically, for the credit, but for the betterment of our understanding of the world.
And, lots of great work is done by people not at or from top institutions. It isn't a closed society. One of the common academic jokes is that there is no one dumber than a C student from Yale.