I don’t think there are 2 perspective regarding the industry. The industry is the industry. A school closer to the Silicon Valley does not at all mean you will get more job opportunities. Do you think someone in MIT will get less job opportunity because they are thousands of miles away from the Silicon Valley? And yes, you are right, in the long run it doesn’t matter that much as to what school you are from but what you know. As in Google recruiters will not care that much as to what school you came from but projects you’ve done and what you know.
That said, there IS a big difference in the beginning where they have nothing to look at but your schools and GPA. Companies knows which school is better hence getting an internship during school and a job right out of school is very impacted based off of which school you are from, and in that case, UCSB is better. Just go to the career fair for example. Microsoft, Oracle, Intel always comes to UCSB. I checked the career fair for UC Davis and the same can not be said. UCSD’s Computer Science program is much better than that of UCSB. Facebook, Apple, Salesforce will often go to UCSD but not UCSB. So what school you come from does make a huge difference. Though I do agree it is very important to choose a school you feel comfortable in. So do explore both schools.