Stanford is a brand, but there is most definitely some interesting strategy that goes on around getting in to highly selective schools right now.

Full disclosure: I have two in private colleges right now, both highly ranked, but one much more difficult to get into than the other.

Admissions offices view the whole process around how to manage "inventory." They like the predictability of early admissions, and often admit students who are not as strong as the later general applicant pool presents, but are clearly qualified to be part of a class.

They also like the predictability of being able to accept off a wait list. Hence, there are fewer acceptances in the general early April time frame. Once all the admitted students make an actual commitment, the Admissions Offices then can make offers off the wait list in a very controlled manner until they fill the class. Again, predictability.

The brand colleges and universities totally run this way. I make no judgment one way or the other about it, but after experiencing it first handas a parent, it seemed all so obvious, yet such a surprise.