I think another factor is that the UT Greek system doesn't get support from the administration comparable to your average SEC school. Plus land for housing is extremely expensive.
I think in a lot of ways UT has become a lot more like UCLA or maybe Michigan than a traditional SEC school bigger in size on a very urban campus much more diverse. The administration does nothing for the Greeks.Greek Life is still big at UT but its part of a very very big pond.
Just heard from the young lady for whom I wrote a recommendation. She is a very happy new member of Pi Beta Phi! First woman who let me know the results of her recruitment!