a 17,000+ satellite/extension/whatever 5 hours up the road picking away at that acceptance rate. If the other BYU's go away, that acceptance rate drops into the 20-30% range. Also, if you look at the acceptance rate of other similar sized AAU accredited schools, BYU sits right about in the middle.
Isn't the point of the BYU's to educate a massive amount of LDS kids in a safe, affordable, collegiate, mormon values environment. If they aren't satisfied with their job options upon graduation, isn't there always Grad school. Which in my experience, the majority pursue.
Outside of the costs, I don't see what the problem is with high enrollment at any of the Church's schools.