Sometimes a book gets picked up purely on its merits. (It helps to appeal to a wealthy target audience.) But on average you'd get richer by getting a minimum wage job and spending it all on lottery tickets.
They've basically figured out how to take half of their job and shove it off on the author while they still take their oversized cut. It's pretty egregious in my opinion.
I've seen this with all types of publishers, btw, from children's books to technical books. Heck, most technical publishers these days are mostly print on demand, so you're barely getting any unique product from the publisher at all.