So, as I mentioned, if you weren't potentially acceptable you'd have already gotten a hard no. The longer you go without a hard no the better the chances of getting a yes/waitlist/cgas. Exactly for the reasons
@27BearDad gave. Doesn't mean you will get a yes, but it does mean that you are at least under legit consideration.
What makes the difference between those that eventually get the appointment vs not, given grades and test scores and PFE score and whatnot are obviously all above the line for what they're accepting (since we're mostly talking EA deferred to RA here)? Sport, state, and major are all factors. Being from a state they struggle to recruit from, in a sport they struggle to recruit for, and a less popular but very needed major will increase the odds. So a kid from the Dakotas will have better chances than one from Virginia. Any varsity recruited athlete will fare better than a non-recruited athlete (or one that is only into clubs). An engineer will have better odds than a business or government major.
There are other factors too. So it's possible a recruited athlete from North Dakota wanting to major in electrical engineering could lose out to a government major from Virginia who's only sports background is non-competitive golf. But trends would make that kind of unlikely.