The curve is far less uniform than you might imagine.

There are going to be a few companies which are obvious superstars (great team, market, execution, traction, etc.) which will be obvious yeses. You're either in this group or your not.

There are many many companies which are obviously bad: weak team, bad market, poorly thought through idea, pre-product, etc. These companies would get rejected regardless of how many companies applied.

Then you have the companies in the middle. That's where the competition is. It doesn't really matter how many companies are in the previous groups, what matters is how you rank compared to the "maybes".