PLEASE keep in mind that the people most likely to post in a college's thread are those accepted. Rejection doesn't exactly make you want to tell everyone. So, this list omits -- very likely -- a longer list of students who were just as good in many ways as those accepted (and some who weren't, of course), but Colgate only has so much room. That's why there are 100s of good colleges so everyone can sort themselves out into them, and thank goodness for that.
And, let's admit it, if weaker students were admitted, would they be happy and successful at Colgate? Maybe t wouldn't be pleasant. Maybe you're a late bloomer. Maybe you're Bill Gates? So turning down some students may very well be for their own good, as not very nice as that is to say.
As for the students not admitted while others of perhaps less sterling abilities got accepted, it happens at every single college and university in the country. As a life-long high school teacher, every year I see extraordinary straight A students rejected while other applicants to the same school are admitted -- because their parents are alums, they're athletes, they are needed for a better racial mix on campus, or just because of some quirky thing that appealed to the people making the decision. COLLEGE ADMISSION IS NOT FAIR. They are subjective decisions made at one time by emotional people. At another time with other people, you might have been admitted.
Case in point: One of the most obnoxious, whiney students I ever taught was admitted to Harvard. I won't describe the other characteristics that I assume got her in, but needless to say, everyone was shocked. My own daughter was admitted to seven top colleges but rejected by Connecticut College, her "safety school" because (as they told her high school college counselor who happened to be visiting there that very day!), they knew that if they admitted her, she wouldn't go there so why waste the admit which would only lower their admissions numbers. Really.
So, maybe you were turned down because you were too good and Colgate feared you'd go somewhere else! Hope that helps a little. There is life after college admission/rejection letters, as we've all found out. And there's always the transfer option if you're really a great success at another school--if you really want Colgate that bad.