PG has stated multiple times that they key to success is being relentlessly resourceful and pivoting. There are a lot of people with that mindset, most of whom are not Stanford/MIT graduates. Encouraging more applicants from a wider selection pool might increase the quality of YC batches.

PG is always innovating, I'm sure the current process he's created is not the global maximum. He might be interested in matching founders, giving initial ideas, codifying more of his process into apps - anything that might increase ROI he will try as a rational businessman.