So you see, despite what ol' Slick might have intended to convey, being a blueblood isn't necessarily all that great, or important. Especially in baseball.
One advantage to being a blueblood, in football at least, and historically at least, was that it typically meant that when you did fall on hard times, you had a better shot at recovering, both more quickly and to previous heights, than a non-blueblood. This was a result of many things, but I think mostly, it boiled down to resources, and brand recognition. Most of the football bluebloods attained their status in the first place, because they had more resources than their peers. Either rich donors, or large alumni bases, or a combination of the two. And the brand recognition meant that even during hard times, recruits still knew your school, associated it with historical achievement, and had a predisposition toward liking it.
I think TV started changing that some starting in the 80s, which is one reason football blueblood status is locked into the leather helmet days. The Miamis and FSUs came along after that, and had a lot of success, but nobody considers them bluebloods. But would you rather have had Miami's 1983-2001 or Texas'? I know my answer to that.
And now I think NIL is changing that even more. Oregon is absolutely not a blueblood, but they could also very well be poised to make a tremendous multi-year championship run. SMU and a handful of others might do the same.