Because they have gone the way of Harvard. Harvard is a business whose product is credentials. Therefore their highest priority is protecting their brand name and profiting from it. Education or demonstrated learning has little to do with it. You become an important person because they give you a credential. This leads to corporate leadership, judgeships, governorships and senators, sometimes even presidency. All that is asked for in return is fat payments and rewards from the government and private sector.
Inclusiveness helps their exclusiveness.
The only losers are the public defrauded by credentialed idiots.
Excellent, informative reply.