Accepted into Major, but waitlisted by university even though have high GPA & test scores? Why?

My daughter auditioned for and was accepted into the Theatre & Music program at Pepperdine. She received an email at the end of February from the department telling her that her name would be submitted as a “Fine Arts Special Achievement Recruit,” which we looked up and found to mean a scholarship was coming her way. Then this past Friday, she got an email from the university saying that she had been put on the Wait List! How can this be!!! It makes no sense! Her weighted GPA is 3.9, and her SAT scores are 2060 – higher than some of the other ones that got accepted. What is going on?