Graduation rate is a data point that interests me in these discussions. UT, like every other school, massages these numbers to the point it's hard to really know the reality.
I'm all for letting in kids who had a tougher road to get to the door over kids who perhaps had an easier go. I think you have to be very careful with this type of system, however, as where to draw the line is not something you can really plug into analytics and get a concrete answer. Ultimately, a flat meritocracy is the only truly clean way of handling admissions, but as other have noted it doesn't necessarily lead to the best overall result. Figuring out how to balance more nebulous criteria will always be difficult and controversial.
Back to graduation rates - if you let in kids who are weaker students based on their background, whether it's because of race/socioeconomics/disability or because daddy is buying a new library, you have to also supply resources that will help them take that step or you're just setting them up for failure. There's no glory in admitting a shitload of kids to your school when half of them never make it out, no matter what criteria you use to screen them.
I also think that there is a lot of generalizing about "rich" kids in this thread, which I suspect also pervades admissions offices. In our current climate, there are plenty of professionals with kids heading to college in the next decade who won't have their own student loans paid off by then. Millennials had to borrow out the ass for school, especially for professional degrees, and then entered a world where they're having to pay double or more for a family home than what was happening just a few years ago. Just because mom's a lawyer and dad's a pharmacist doesn't mean they can just pay for junior to go to school out of pocket. The landscape is changing and tuition continues to skyrocket, and there won't be many people left at all who can afford to just pay their kids' way through school. The notion that a successful mom and dad also means Junior will have an easy time finding work is also convoluted. In some cases it will help, sure, but not all.
In the end, American higher education is fucked up and needs serious fixing. Other developed nations tend to have more specialized public universities, which are smaller than giant American public unis, and provide a solid landing spot for kids from all backgrounds and interests. In America, we tend to let expensive private college fill this niche, which makes it inaccessible to almost everyone. Texas might be the most egregious example in the world of a government putting too many eggs into one basket instead of spreading public funding of higher education out. The other, perhaps more important, part of the equation is that we don't spend near enough on higher education in general, leaving tuition too high and opportunities limited.