Companies, large ones, settle all the time even if not at fault to avoid a lengthy trial which damages their reputation. It can have nothing to do with culpability.

3% of civil cases reach a verdict.

https://arizonabusinesslawyeraz.com/when-to-litigate-and-whe...

Settlements are also a known fixed cost controlled by the business instead of a jury. Considering how Republicans are attacking Harvard I would say the desire to get this out the public spotlight as fast as possible is important