Do colleges actually...throw money at people?

Some colleges can/will cherry pick students they “want”. Some enrollment management tools have reportedly been able to discern how much $ it will take to get a desired student to commit.
Merit money can be seen as “throwing money at a student” and as others have mentioned, there are some particularly large NM scholarships to … “entice” students with easy applications and auto admit with $$$$ for certain academic programs and/or test score metrics.