Just because it can be gamed doesn’t mean it’s not a good metric
So one is using a worse indicator.
Using a mix of income and wealth over several years to me is an appropriate indicator and cannot be easily gamed.
The fact that Will Smiths kids get a better chance to get into college than a similar applicant from a first generation immigrant family from Vietnam shows how broken race as an indicator can be.
It’s easy to lie and claim to be black, nobody will perform tests on you to verify this. You can be the whitest person in the world and get away with this (so many do).
Top schools these days give substantial financial aid to families whose incomes are well into the six figures (and assets into the seven figures), so it makes total sense that families just above the cutoff would use some dirty tricks to qualify.