Understanding SQL Server statistics better

Question

I have a table with 5,000,000 records with the DateOfBirth column spread between 1950 and 2007. The statistics histogram for the index only has two RANGE_HI_KEYs. I feel like the histogram should have more buckets given the quantity of records and selectiveness of the field.

Can anyone explain to me why SQL Server is only using two RANGE_HI_KEYs?

NOTE: I get the same stats breakdown on 2014 and 2016

Table

CREATE TABLE [dbo].[Person](
    [BusinessEntityID] [INT] NOT NULL,
    [PersonType] [NCHAR](2) NOT NULL,
    [NameStyle] [dbo].[NameStyle] NOT NULL,
    [Title] [NVARCHAR](8) NULL,
    [FirstName] [dbo].[Name] NOT NULL,
    [MiddleName] [dbo].[Name] NULL,
    [LastName] [dbo].[Name] NOT NULL,
    [Suffix] [NVARCHAR](10) NULL,
    [EmailPromotion] [INT] NOT NULL,
    [rowguid] [UNIQUEIDENTIFIER] NOT NULL,
    [ModifiedDate] [DATETIME] NOT NULL,
    [DateOfBirth] [DATE] NOT NULL
)

Index

CREATE NONCLUSTERED INDEX [IX_dbo_Person_DateOfBirth] 
ON [dbo].[Person] ( [DateOfBirth] ASC )

Histogram

Statistics for INDEX 'IX_dbo_Person_DateOfBirth'.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Name                            Updated                         Rows                            Rows Sampled                    Steps                           Density                         Average Key Length              String Index                    
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
IX_dbo_Person_DateOfBirth       Jun 24 2016  7:16PM             5000000                         5000000                         2                               0.004236792                     3                               NO                                                              5000000                         

All Density                     Average Length                  Columns                         
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
4.720544E-05                    3                               DateOfBirth                     

Histogram Steps                 
RANGE_HI_KEY                    RANGE_ROWS                      EQ_ROWS                         DISTINCT_RANGE_ROWS             AVG_RANGE_ROWS                  
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1/1/1950 12:00:00 AM            0                               255                             0                               1                               
12/31/2007 12:00:00 AM          4999537                         208                             21182                           236.0276                        

Answer 1

Very easy. Look for the result of:

select datediff(day,'1/1/1950','12/31/2007');

It will give you your DISTINCT_RANGE_ROWS + 1
That means that SQL Server thinks that all your DOBs are approximately equally distributed across the range with average 236 items per day.
Query your data and see if you have any outlines like: missing day ranges or >1000 DOBs per day.
If you do, than that would be a question to the engine.