I understand that's what they do, I just don't understand why. I imagine that most academics would want to favor academic excellence over providing a networking

I understand that's what they do, I just don't understand why. I imagine that most academics would want to favor academic excellence over providing a networking service for the rich and well-connected, but I'm evidently wrong. I guess my mental model of what drives US university administrators is flawed. By the way, this is mostly a US phenomenon as far as I know.