Lol at you thinking acceptance rate is one of the most relevant criteria. In a hypothetical, let's say I created the greatest university in the world with the top faculty and greatest students in the world. Let's say my school has such a reputation that only the people that would get in apply. My acceptance rate is 100%. Let's say only those qualified for admittance supply. Let's say that results in admission rates dropping to 50%. Is my school better now despite the faculty, students, and buildings remaining the same? Let's say I invest in marketing and convince a bunch of kids to apply by paying College Board for the data on kids who took the SAT and send mailers to every kid on that list. Now let's say admissions rates drop to 5% as a result of a bunch of people who had no chance of getting in applying. Is my school better now somehow despite none of the factors that matter changing? In short, ceterus paribus, what is the value of the acceptance rate as a metric? Acceptance rate is the total yards given up on defense stat of college football. A stat of little importance that is overly harped on by those that know very little about football to the exclusion of better metrics. Hell acceptance rate is even worse because of how easily gamed it is.
Now I'm sure you are going to argue that hypotheticals like that are stupid and that in the real world acceptance rates are a good analogue for sussing out quality. After all if a school is desirable and selective it must be good, right? Not so fast, my friend. Let's look at some real world examples of gaming the USNWR by good schools (don't even want to get into the chicanery weaker schools engage in).
Did UChicago suddenly become a stronger school by switching to the CommonApp and driving up applications among those who didn't have a chance while the student body make up stayed roughly the same in terms of talent? Doubtful (some older alumni friends would say that it made the school worse by causing people with good scores who weren't the type of student to do the Uncommon App to get in, but w/e). Despite not improving the quality of the student body or the faculty, it elevated UChicago from a top 25 school in the 90s to a top 5 school today despite their faculty being just as good as it was 30 years ago and little change in the quality of students.
But nevertheless, after that decision Chicago flew up the ranks for one main reason. It killed their acceptance rate, which 25 years ago was 50% (because you didn't apply to UChicago back then if you weren't the type of student to get admission and deal with the academic culture of Chicago anyways), but the students were no better than before. The faculty was no better. All that changed was marketing by Nondorf when he became head of admissions and reporting methodology by Zimmer when he became head of the university. If you think a change in marketing and making the school where fun went to die a little less bleak is worth jumping up from where it was to top 5, that's your prerogative. I'd argue the metrics that consistently said they were elite are more valuable.
Those same metrics correctly establish UT as a 20-30 school in the country and a 30-40 school in the world. Fundamentally universities are research institutions that aim to teach the next generation of researchers (both in the sciences and the humanities) and changemakers. Unfortunately over time college has become more and more a vocational/pre-professional school (ironic, I know since I studied engineering) by another name, but that doesn't mean we shouldn't still heavily judge universities based on their primary purpose which is research and the generation of future difference makers. That's what CWUR, ARWU, USNWR Global, THE, etc. try to measure and those all go in our favor. If I really wanted to I could cherry pick certain science rankings like Nature's that are purely research based and depending on how I play with the data I could get us into the top 10. An honest reading of Nature's data regarding our research output puts as at around 13 in the country.
If you wanted to send UT to the top 30 in USWNR in 4 years it'd be pretty easy. Remove the cap on out of state/international students at the undergrad level (currently 90% of the incoming class must be Texans) and eliminate the top x% rule. That alone would change the international student metric and the SAT metric enough to be there. The student body might be a little bit better for metrics but I don't think it would be much better than in reality (we'd be basically doing the equivalent of taking a class full of Katy RBs if you want a college football analogy), in fact it would likely be worse if we got rid of the top X% rule (the student body may benefit from letting more non Texans in though, but in terms of meeting the needs of the state of Texas, the cap is pretty easily justifiable). This would be the case despite not changing the faculty at all. Gaming rankings is easy and I'm glad we don't do it at the expense of being a real school that serves Texas.