Yet, here we are with more games being added. ESPN still wants to show these games. Teams still want to go. Conferences are still working to make sure all their eligible teams get invites.
Minor point about the OP's numbers -- they are slightly off because 1 of the bowl games is the national championship game; 2 teams play in 2 "bowl games." That means 80 of 128 FBS teams would be needed (62.5%) if this Arizona Bowl is approved. Still a very large percentage.