I think the name of the school and the GPA can be factors in landing that first job…or at least the interview that might get you the first job. But then it comes down to “fit”. Does the guy interviewing think he can stand working side by side with you?
I recently attended a career session at a top university that my daughter was accepted to and it seemed that GPA wasn’t as important as other things, such as the interview and other resume items that might come out in the interview. I think it probably has to be high enough to make a certain cut (some recruiting companies have cut offs). But in speaking with a recent grad who had a great job he said he had friends with 3.1’s that had better job offers than friends with 3.9’s (same major).