@Cue7 at #23 - FA data for Fall 2018 hasn’t been posted on the NCES site yet (that I know of) and 2023 won’t be for another year. The Maroon stopped doing the Class survey with the Class of 2022. So we simply don’t know much about “wealth” at this point.
Test scores have edged up slowly over time - a sign of “diminishing returns?” Doubt it. BTW, it takes money to continue to recruit even if number of apps and quality of the “typical” admitted applicant were to be at their peaks. That’s true for everyone, not just UChicago.
As to whether it’s been “worth it,” from a pecuniary standpoint the answer is “yes.” The endowment is up half a bil this year with something like a 6.7% return. Haven’t seen similar data for peer institutions so have no idea how that compares. But that return is pretty healthy for an endowment when compared to historical norms. They also surpassed their $5 bil campaign goal (which was raised half a bil from the old goal).
Since you don’t agree that Chicago is like an LAC, not sure why you would advocate for an “LAC model” of admissions.