I have a friend who went to Cornell who applied and didn't make it past the first round as well. I suspect, as was in her case, that a lot of Ivy league applicants may rely to heavily on the distinction of being a student at such a prestigious school. I think she thought that just being an Ivy league student was enough, and did not put enough effort into her application, and I wonder how many other Ivy leaguers do the same. In her case, I think she applied on a whim anyway, so that probably also contributed to the amount of effort she put into her application.
What did irk me a bit, was that during the application process, she kept reminding me over and over how competitive the award is (as if I don't know...) and not to be too upset if I didn't get it. I think it rather surprised her that I did get, and maybe even rankled her a bit since she had not. She can be a pretty competitive person, though, so I'm really not all that surprised.