They used to have far fewer. But over time, CHI began to include more disciplines, especially the social sciences, evaluated papers with different value systems. The technical HCI people didn't use the same values as the social scientists, for instance. Rather than try to settle a war of values, they simply increased the number of papers that were accepted, and also increased the number of best paper awards.
More fundamentally, evaluating HCI research is very subjective. That means it's harder for a diverse audience to even agree on what constitutes good HCI research. Many HCI researchers have grown frustrated with the value of their research being discarded or overlooked by review committees. As a result, they tend to favor lowering the bar to entry, and accepting more papers, thinking that it's better to have false positives than false negatives.