Are there any reasons why a private or public university wouldn’t want to maximize the number of tuition paying students? I’m just wondering because why not ju

Are there any reasons why a private or public university wouldn’t want to maximize the number of tuition paying students? I’m just wondering because why not just admit as many people as you could for various price tiers of: in-person, hybrid, and online education. So in that sense, as long as money wants to come in, why reject anyone other than to fake exclusivity?