It's clearly a token effort at disguising their elitist admissions procress. If they let in too many poor people the rich wouldn't send their chilren there. The whole point of these Ivy League schools is to prove membership in the club of the elite.
Has that changed?
So yes, things are better than in my day. I would say that the number of people who would not have bothered to attend Harvard in the 80's was very small indeed.
The goal is rather to be the best in research, education and in the experience of studying for the people that do attend. They achieve that goal by significantly limiting how many people are allowed to attend, especially poor students that take money away from the school.
If you really want to help poor people, ignore what the rich are doing, ignore inequality and identify who those poor people are, what problems they have and fix them. That will be far more beneficial than attacking the "elites".