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There's the also the possibility that one of these 4.0 students arrogantly only ranked a couple programs, believing that they had a guaranteed spot.
This is not necessarily true. It is like playing cards, If you have a great hand, you don't mind throwing a lot of money in the pot. I only ranked 4 programs. I was eliminated from a few programs before interviews, so I knew I had no chance there. Of all the rest I visited, I only could see myself at 4. I basically said I would rather scramble than go to program X. I knew what I was getting at program X and I didn't like it. I knew I would be fine in the scramble since good programs scramble and I was a very attractive...at least on paper. So I took the chance.
Risky, sure.
But it was a chance I was willing to take. I understand not everybody can do this, but I felt I could. In the end, I ended up getting the program I wanted and everything turned out great.