I'm not seeing any overreaction. It just doesn't look good. Especially when "we" do try to claim to be better than the others. I wouldn't mind seeing our niche be that we don't "pull" offers (even if thats not the full story in this case).
The only way we could make sure we don't pull any offers is to only offer as many kids as we have scholarships available and then wait until each kid turns us down before offering another kid. That's a ridiculous recipe for either tiny classes or recruiting kids that no one else wants. These kids know that most offers aren't indefinite. Spots fill up and needs change. If you take your time deciding, you run the risk that a spot may not still be there for you.
It's really no different from a job offer. Just because three companies offer me a job doesn't mean I have a right to take as long as I want to decide and expect that job opening will be there for me no matter what.