Yes, this is the case for most of the top universities (and likely med school, law school, you name it). Universities like to keep their graduation rates high

Yes, this is the case for most of the top universities (and likely med school, law school, you name it). Universities like to keep their graduation rates high to ensure competition at the front of the pipeline. Also, by keeping admission so competitive you basically ensure that whoever does end up getting in has the capacity to do well at any program (though statistics are still gamed - for example it is almost impossible to "drop out" of MIT - you are just placed on indefinite leave if you express that desire. That way their graduation rate very high since the people on indefinite leave don't factor into it).