I think it will be unappealing for a lot of them. Think about some of the logistics. Let’s assume the second campus is nearby but not super close, so perhaps there’s a 20 minute shuttle ride. What do you put at the new, second campus?

Do you isolate some departments there? That has the advantage of students not having to take the shuttle back and forth for random classes since students in those departments will take most of their classes there, but that makes it a pain for them to take electives on the main campus and separates. If they move into off-campus housing, it’s probably going to be close to the second campus and can isolate them from the broader student community. It also makes it a bigger pain for students in other departments to take electives there. Do you just put dorms there? That removes the issue of going back and forth for classes, but separates them from the main campus life.

Some people may not care about the commute, true, but for a lot of people it will be unappealing. I’ve known graduate students who worked in research-only buildings separate from the main campus and they typically found the situation more annoying than they originally expected. I would expect undergraduates, who tend to care even more about being plugged into the school social environment, would be even more bothered by it. The prestige of these schools is high enough that plenty of students will enroll and deal with it, but their top candidates tend to decide between multiple high-end institutions and these quality of life things can play a big role in their choice.