What the hell is European culture? German culture, Italian culture, Romanian culture, sure. But...?
You just said what it is? I mean, what is Hispanic culture if not Mexican/Spanish/Venezuelan/etc., what the hell is Asian culture if not Chinese/Japanese/Korean/etc.
I don't think I've ever heard anyone say "celebrate Asian culture". Precisely because it's a barely meaningful agglomeration. Now if we examine the context in which "European culture" is celebrated... hm, yes I see.
I have heard it. There are just generic Asian American society functions, which celebrate the melting pot of everyone who isn't strictly first generation and has multiple ethnic backgrounds.
That would be Asian American culture then, except Americans tend to not notice that their culture is not everywhere and needs qualification.