IMO, there's a real difference between a mascot and a symbol. Mascots don't have to be symbols, and don't have to replace symbols. They can be mutually exclusive. Purdue Pete, Brutus, etc. etc. They're not the "symbol" of their respective school - more so fun way to celebrate the school at events. Stanford has a tree that runs around for christ's sake. A TREE! Has that negatively impacted their standing as an academic institution, positioning in the community, or quality of their athletics? No. But is it a fun way for people to think about the school? Yes.
If it's driven by students and is fun, I'm all for it. Hail Alma Otter!