I applied to 12 schools and received 4 interviews, 3 of which turned into waitlists and the 4th was a rejection.
3 of my interviews fell very late in the cycle (all waitlists), so I'm assuming that is partially my reasoning for being waitlisted. I did receive high praise from one of my interviewers. He had actually written down a few quotes from it he wanted to share with me because he enjoyed it so much. I think I have decided my best course of action is to maybe not rewrite it, but rather revamp it. Maybe remove a story or two and replace it with some story from an improvement to my application.