University cohorts are basically setup to maximally benefit the people who do get admitted, not to admit the most qualified. For this purpose universities would rather have students that make the school more rewarding for other students, and not the smartest possible students. This is combined with a general tendency to do prestigous/donor wanted things. And donors want to have gone to a college that is hard to get into (even though they did not like applying). The challenge of application (and with that admit rates over yield rates) is a signal.
University cohorts are basically setup to maximally benefit the people who do get admitted, not to admit the most qualified. For this purpose universities would rather have students that make the school more rewarding for other students, and not the smartest possible students. This is combined with a general tendency to do prestigous/donor wanted things. And donors want to have gone to a college that is hard to get into (even though they did not like applying). The challenge of application (and with that admit rates over yield rates) is a signal.