The scarcity isn't artificial, I don't think. There are limits on how many people a given faculty can teach, beyond which teaching becomes much less effective.

The scarcity isn't artificial, I don't think. There are limits on how many people a given faculty can teach, beyond which teaching becomes much less effective. People with reject letters are probably not significantly less deserving, but there's no fair non-competitive means to decide who gets a go, IMO. The competition could certainly be fairer, as with most things. If your main point is that less prestigious schools can potentially deliver on education just as well, and the main difference becomes the marketability of the degree and superficial status, well... I agree.