for some schools it could be a case of merge or die https://www.insidehighered.com/blogs/leadership-higher-education/liberal-arts-college-mega-mergers
Unless, it is a merger of equals, which is very rare, someone is going to die, the weakest. Most mergers are disguised purchases. Location is not much of a big deal anymore , unless going traditional. A terrible location might just better deal because of lower cost of operations.
I understand your point but most schools and most students are traditional butt-in-classroom situations
