... what, precisely, is she CONTRIBUTING to the learning environment...
This is a very fair question. Thank you for bringing this up. Colleges especially look for those who will contribute to the student body, campus life, and/or the positive reputation of the school... those who give back in some way. With athletes the anticipated contribution is clear (they will maintain winning teams and ticket sales), with intellectuals possibly less so therefore students are encouraged to develop their extracurricular skills and interests so they may present themselves well positioned to make a contribution to the student body. I elaborated on CONTRIBUTION because possibly some are unaware, and focused solely on what a course or educational institution can do for them.
In addition to contributing to class discussions, gifted students contribute to the reputation a school has for having smart graduates, which draws employers and therefore students. Their higher SAT/ACT scores boost the schools' USN&WR rankings.
The higher a school's ranking, the more it can charge in tuition, which partially explains why non-top-tier schools offer full and partial merit scholarships.