But for a firm like DPW to have so many slots when they know they're not taking a ton of people from your school seems like a waste for them. I go to an MVP-level school, so I'm guessing it's different somewhere like CLS or NYU where DPW takes a ton of people and probably wouldn't have any problem dipping to median for those that are the right "fit".
Even at CLS and NYU, DPW calls back a ton of people and rejects many of them. It's not a waste at all. The firm simply likes to view a large swath of people because fit is so much more important to them. There are many other firms out there that will sidestep grades for the sake of fit, but law students write them off because (a) they don't know they do that and (b) they have limited bids to dole out, so why waste them on that "V10" that probably wouldn't give them an offer?
Regarding the CCN/MVP distinction, I know people at M who had 3.3s and got offers at DPW. The problem is that their grade grids would lead you to believe that they wouldn't touch such a person with a 10-foot pole. But they did. Among my group of friends, there's a good chunk with middle-of-the-line grades who got offers from V10s, and another good chunk of people with similar grades who deeply regret not bidding on said firms because they thought they were "out of their league."
Again, if you're in the bottom 10%, no bidding system will really help you. But a lot of people above median slipped through the cracks at top schools. This impacts employment stats, and a better bidding system and a better career education system would prepare them properly for interviewing with firms.