Providing cushy jobs for loads of well-paid administrators seems to be a primary goal of universities these days. Most of that is probably due to cronyism-type social effects. But some of it is (at minimum) strongly encouraged by the mobs of high-education low-function ideologues (HELFI's) which universities seem to attract - zealous about forcing the university to very publicly "demonstrate a commitment" to some ideal of theirs; far less interested in achieving useful results.

If the actual goal was diversity of UM graduates (vs. admitting "look good for the moment" students who aren't likely to succeed at UM), then the money should be spent on (for instance) a "catch-up" prep school, open to the top-3% graduates of the poorest high schools in the state. (Then offer UM admission to the top $n graduates of that prep school, or some such.) But when "just give lip service and hire a bunch more administrators" is a fast and foolproof way to both appease the HELFI's and grow the administrative bloat - why should any university try something which might actually work...but is slow and un-sexy and kinda-complex?