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In the long term, demand for spots at UC campuses seems insatiable. It wouldn't surprise me if UC acceptance rates eventually start falling again.
The acceptance rate for UCLA, UCSB, and UCI went down a bit this year. Berkeley went up a little bit and UCSD stayed about the same. Davis also looks like it went up a little again.
This reflects the ongoing funding issues at both Wisconsin and Illinois. If the state can no longer afford to fund these schools, they should allow them to become private. Keeping them public and not funding them puts them on a long slow slide into irrelevance.
Letting them go private will allow them a lot more autonomy to set their own tuition, rally their vast alumni bases for funding, make decisions that are more efficient and best for the school, and both of these amazing schools would be stronger than ever in a very short time.