Given how many applications they receive, it'd probably be impractical to give feedback to each and every one - but the biggest reason is probably that doing so

Given how many applications they receive, it'd probably be impractical to give feedback to each and every one - but the biggest reason is probably that doing so would open them up to arguing and disagreement from those rejected. I think the value comes from the application form itself. If you didn't feel 100% confident in some of the answers, they might be points for improvement.