Visa – 90/180-Day Rule: Can I live in France for essentially 6 months a year?

Let's say I have enough money to really support it … I'm just curious.

I am an American citizen and really like France. Given the 90/180 day tourist visa rule in the Schengen zone, could I theoretically live in France for 90 days, return to the US for another 90, and then return to France for another 90? Could I repeat this (theoretically) indefinitely?

If the law allows it technically and it is legal, for what reasons can immigration deny entry? Money? Too many / too long visits? You do not like my face?