Hey, fellow sufferer! I only applied to top 20 schools in statistics {Stanford, Berkeley, Harvard, ..., UCLA}. I think school reputation matters more for industry and program reputation matters more for academia in general because you will have access to more opportunities and leading researchers at higher-ranked programs (thus helps you get an academic job) and people in industry tend to have no idea about program-specific rankings. For example, UW is ranked 7 and Northwestern is ranked 37 in statistics, but the public recognition would be NU > UW since NU is considered a better school overall.