The events you describe aren't interesting to a lot of students, don't be naïve. The people that want to party and drink heavily will do so regardless of whether the organization involved is supported by the school. I would have absolutely 0 interest in going to school sponsored bowling or laser tag because I wouldn't be interested in spending time with the people I'd expect to be there. You're right that the school can crack down hard and make their events the only option. You know what happens then? The kids that want to party go to another school.

Schools need to be appealing to students because students pay them money. There are plenty of highly qualified students interested in partying and greek life. Schools aren't stupid, either. I'm sure you know of the correlation between greek life membership and success in life. Many of the most celebrated alumni from many universities were part of Greek life and the schools realize the importance. In addition, many of these alumni are very wealthy and stay involved with the school (having a great experience in college such as via Greek life increases alumni loyalty and therefore increases $$$). If schools drop or restrict Greek life, the Greek alumni get upset because the experience was very positive for them (although it obviously isn't positive for everyone) and they want current students to be afforded that opportunity as well. If the school goes a direction they don't like, they can stop donating.

My school is tough on Greek life in what I consider are counterproductive ways. Forced us to cancel our formal last year while they investigated hazing reports submitted via an anonymous platform that had no evidence to support them whatsoever (because they were fictional since we don't haze, I wouldn't have joined Greek life if we did). I'm jaded in many ways with the school administration. Fortunately I can keep donating to just the clubs/teams/groups that I choose within the school and the school wants to keep that pathway open so when they want to build something new and cool they can hit me up for money.