I think Tyler Cowen, prolific blogger and economics professor, has a good theory for what Harvard and other very selective schools are doing:

Asian-American admissions at Harvard
June 16, 2018
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My take is simple. Harvard is risk-averse with respect to the stream of future donations, as are many other schools. Asian-American admissions don’t have the same donating track record as the white students traditionally cultivated by Harvard and other top universities. Either Asian-Americans may seek out “diaspora philanthropy,” or they simply may have a more cynical attitude toward top institutions that they basically have never had any control over.

Furthermore, there is a common fear — repugnant to me I should add — that if a student body becomes “too Asian,” many white students will be less interested in going there. I taught at UC Irvine for several years and found it to be a delightful experience, but this is exactly what many schools are afraid of (the UCI student body is disproportionately Asian, and the honors class I taught in my first year had only one non-Asian student in it).

And so they come up with every excuse possible — sometimes cemented in by self-deception — for maintaining a “balanced” student body.

It is incorrect to call it “racism,” but it is non-meritocratic and we should move away from those attitudes as quickly as possible.

In related news, the University of Chicago is moving away from the use of SAT scores in admissions. The cynical might suggest this is so they are more insulated from potential lawsuits and also so they have more discretion in admissions. If Chicago feels the need to do this, perhaps the system really is buckling under the strain of all these outside pressures.

Nonetheless, I predict ultimately the status quo will not change very much. I just don’t see a strong enough popular or judicial constituency for righting the wrongs done to Asian-Americans. Some kind of partial concession will be made, various terms and standards will be somewhat redefined, and we’ll be back to “rinse and repeat.” Meritocracy: can’t live with it, can’t live without it.