Suppose you are writing a referee report and you are recommending that the paper be rejected. You have a long list of reasons. How many should you put in your report? If you put only your few strongest arguments you run the risk that the author (or editor) finds a response to those and accepts the paper.
You will have lost the chance to use your next few strongest arguments to their full effect, even if there is a second round. The reason has to do with a basic friction of rhetoric. Nobody really knows what’s true or false, but the more you’ve thought about it the better informed you are. So there is always a signaling aspect to rhetoric. Even if the opponent can’t find a counterargument, when it is known that you rank your argument low in terms of persuasiveness, your argument will as a result be in fact less persuasive. Your ranking reveals that you believe that the probability is high that a counterargument could be found, even if by chance this time it wasn’t.
On the other hand you also don’t want to put all of your arguments down. The risk here is that the author refutes all but your strongest one or two arguments. Then the editor may conclude that your decision to reject was made on the basis of that long list of considerations and now that a large percentage of them have been refuted this seals the case in favor. Had you left out all the weak arguments your case would look stronger.
It may even be optimal to pick a non-interval subset of arguments. That is you might give your strongest argument, leave out the second strongest but include the third strongest. The reason is that you care not just about the probability that any single one of your arguments is refuted but the probability that a large subset of your arguments survive. And here correlation matters. It may be that a refutation of the strongest argument is likely also to partially weaken the second-strongest. You pick the third because it is orthogonal to the first.