The sticker price is 70k per year and they clearly are having a hard time getting over half the student body to pay that. The location and ranking prestige of the school are not in line with 70k. Not that any college is worth that price, but with a nationally recognized name, the pill is easier for wealthy folks to swallow.
For the math to work at any college (even ones with large endowments), they need over half the kids to pay sticker or close to sticker. 10-20k discount still results in 50-60k in revenue, which is better than more kids at high FA. Thus the move from need blind to need aware and merit offerings.
Especially with the muti-millions spent every year for D1 sports scholarships.
For families with high stats kids the choices likely come down to a higher ranked/more prestigious school at sticker or a similarly ranked (to HC) for 50k or less. I personally know kids who choose GT at full pay over HC full pay, and others who choose NEU with merit, Mount Holyoke with merit, Brandeis, etc… or flagship State U for less than 30k. I know some other students who choose HC full pay after being denied at BC and other higher ranked schools, full pay. The 70k is just too steep even for rich people. So they need to discount.