Lately whether an item is hard/soft rejected, even though the PS has been approved, often comes down to sales based on experience. I’ve had items that are soft rejected that need improvement, that are based on an approved PSD, and sales performance of the PSD has been a factor.
So, if the PSD has a high number of sales (and the WP theme is of good quality) you’re more likely to get accepted.
I do think that the design in not a issue here, your psd has an ok number of sales, 11 on the psd category is ok since most file have 2-3 sales to none. It has to be the coding but I don’t know why you got hard rejected, I mean, the code can’t be that bad… a soft rejection with some guidance would be more appropriate. Maybe the reviewer was lazy and did not want to write a long message with improvements :))
This PSD is uploaded 1 year ago and nowadays it looks really outdated!
If you are working on PSD to Wordpress then Quick cooperation will save you. Because 1 year ago Envato is like a no Quality content approved and only few Features based. Nowadays only Unique and Quality will save your work.
Goodluck! Your PSD looks little bit not Unique and lot’s of improvements need.