Justifying these low acceptance rates as somehow prestigious is really just creating even more perverse incentives that open the academia side of Computer Science to further defunding and brain drain. If you're smart enough to rise, you'll get an offer from the private sector you simply cannot refuse. It doesn't matter if your passion is Academia, they can and will buy you out and own whatever you're working on.
This has all led to Computer Science's academia side being something one escapes rather than something you contribute too. The "cream" rising to the top is often less genius and more politically savvy with the right connections on the PC. I'm not necessarily against a selection bias towards "people skills," but to do so and continue to pretend PCs are pure meritocracy is nauseating.
It just comes back to the fact that the majority of Comp Sci PhDs have the same story: Halfway into their doctorate program they became severely disillusioned and started jockeying to just graduate and land a private sector job that essentially was just bribe money to keep them from working for the competition.