I was waitlisted to interview (I applied a month before the deadline for context though). Honestly, from looking back at past forums it doesn't seem common to get pulled off the interview waitlist, but it has happened! I'm going to choose to keep looking at this positively as it's not an outright denial!
They stated that each round of interviews/sending acceptances, they re-review your application and see if they want to pull you for the next interview round. So for the moment I'm going to be thankful it's not a denial.