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Here's my take, short and sweet, ready?
Nowhere does it say that MIT accepts the best and the brightest.
Never have I heard anybody affiliated with MIT say that they want the smartest kids only.
MIT is very difficult to get into, and part of the reason is because it's hard to pin down exactly what MIT looks for. If all it took were academics, MIT would be easy to get into.
MIT accepts students who make it diverse and interesting, not people who make it brilliant, the two just happen to coincide for a majority of cases.
MIT is not competing against schools like CalTech, it plays its own game and picks its own students, it does its own thing, and has its own successes.
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