To be fair, there does seem to be a real tradition of “we get together and do things that are embarrassing and possibly illegal to have mutually assured destruction by way of blackmail.” Skull and Bones is supposedly based entirely on that framework.
There’s a decent Wikipedia entry on them: https://en.wikipedia.org/wiki/Skull_and_Bones?wprov=sfti1
Tl;dr is they are a secret society at Yale comprised of legacy kids (I believe both presidents Bush were members, for example) that has initiation rites that are supposed to be humiliating which creates a bond. Apparently they have changed quite a bit from their heyday in the first half of the twentieth century.