The schools are in a tough spot. I think the anti-competitiveness angle is nonsense, akin to Black Friday sales with unique SKUs and harsh return policies: Do you want the cheap TV or not? If you want to make a fully informed choice then wait until the normal models go on sale next week, pay a higher price, but know what it is.
That said, if schools would do more time-boxed, guaranteed financial aid pre-reads, both as part of ED and for EA applicants, the Justice Dept would likely not be as tempted to come after them. “I told you what it would cost and you took the soft benefits in exchange for the rest of the package.” Similarly it would be harder for other schools to be sweetening their poaching offers if they already had a bunch of pre-reads out there that would have to be honored through May 1. It’s still all gentlemen’s agreements, but at least it gives the kids a little more info.