Plenty of folks have applied multiple times before getting accepted.

Sometimes you're "ahead of the market" and they may not yet see the benefit. 6 months from now you are be perfectly positioned.

Other times, they may have simply just missed you in the volume of applications. Or, even in the event that they didn't miss you, sometimes it's still a tough decision. If I'm given the choice between two things I love equally but I can only choose one, that means I have to reject the other even though it is also wonderful.