Undeniably the case that it works really well, however, especially given how easy it is to arrange for the people holding the fundraiser. Broadcasting a matching fund is news, adds an extra touch to potential donors, inspires people to donate when they wouldn't otherwise have done so, and costs very little in additional administrative time.
Administrative time is always at a premium in non-profits, and optimizing for lower overhead in time and work is a reason for many things that might otherwise seem a little puzzling in their persistence.