The best way I've been able to find to think about this is the fundamental axiom of geopolitics, which is basically tribalism defined mathematically. People want to work with and help others who are closer to them, who they feel are neighbors, brothers. This gets more and more true the more money and resources you have.
While you and I are more tribally identified with Asian Americans, America's upper crust considers them a threat. An elite university is a gateway into the upper crust, so it makes tribal sense for them to limit their access on grounds that to everyone else looks blatantly racist but doesn't really feel that way to them.
If I had to wager a guess, I imagine that the upper crust justifies this morally by saying that without Harvard and other elite schools, no Asians would get to climb that ladder. And also to note that not even the paragons of democracy, the Greeks, were immune to tribal identification and social stratification and racist policies to enforce them. Sparta was especially egregious in this regard.
From Harvard's perspective, in order to maintain their prestigious reputation, they have to cater to the tribal whims of the upper class, even if they don't want to. Otherwise Harvard, well, wouldn't be Harvard anymore, the prestige will move on to other universities that are willing to play ball. Remember, it's not us that determines Harvard's prestige status, it's the elites. Expect Harvard to dream up an endless array of subjective metrics that pay lip service to inclusivity while in practice serving exclusive goals.
I believe that if we succeed in forcing an inclusivity agenda onto the Ivy League, then it'll just cause the elites to make even more ultra-exclusive educational institutions and send their kids there, revoking not just Harvard's, but the whole Ivy Leagues' cool card. While this will democratize Harvard, it will ultimately increase stratification and inequality.
Tragedy of the commons writ large.