Based on what I heard years ago from someone who remembered the site selection process for MTSNS Columbia was offered the school but the city fathers turned it down. At the time Columbia was larger and had a higher profile than Murfreesboro.
It can be rationally argued that MT would be better off located in Columbia since the school (and it's athletic program) would have a "sphere of influence" which we obviously don't have in The Boro. being as all of Rutherford Co. is swallowed up by the metro Nashville market. But, it is certainly probable the school would not have experienced the level of growth it has seen.
Of course, the best location would have been in Nashville with TSU being located somewhere in West TN where, at the time, the expected student population was the largest.
Regardless, IMHO MT is located where it can't easily develop a "sphere of influence" and where there is obviously too much competition for attention and support. Location, Location, Location.