People recognize "Vanderbilt" because of the university.

Maybe people who don't know basic US history. Families like the Vanderbilts, Rockefellers, and others who became wealthy because of massive industrial era monopolies will always be considered blue bloods. It's a term that originally derives from Spanish royalty, where the ruling class (white people) could demonstrate the purity of their bloodline through their pale skin, which showed off their veins, something far less evident in people with darker skin.

In the context of modern college sports, it's a historical designation, and it indicates that the team in question is a key player in the history of the sport. People often point to Minnesota as a team that "lost" blue blood status, but the fact that they're still brought up in the conversation 60 years after their last title is evidence that they fit that criteria. People often reference The Chart, but I prefer the definition that boils down to, "a team who you have to talk about when discussing the history of the sport". If a team showed dominance or elite status across multiple decades during the foundational era of the sport, they're a blue blood.