I want to ask why we divide data into 4 parts for IQR why not 20 or 10 per cent? That can give more correct readings for the data.

I know it Interquartile range which means 25 per cent but that is not what I mean at all.

I think not considering 50 per cent of data for IQR so that outliers are not considered is too much waste of data but there has to be a reason for it right?