Students and families whose FA calculations result in the same net price may not have all the same actual financial resources (and/or capability and willingness for student and possibly parent loans and student work). So a given college’s FA offer may be seen as too expensive by one family, about what is needed by another, and very generous by a third.
It is likely colleges with worse FA are likely to find yield worse than those with better FA for similar student/parent financial situations. But such yield is probably not zero even for bad FA colleges like Penn State.