Adjusting representation is not making any claim whatsoever about ability around members of any race, it's attempting to adjust for those kinds of claims that have already (falsely) been made.
Nobody who is implementing these policies in any of these Ivy League schools thinks Asian students are smarter or that non-Asian students are dumber.
I don't think that's the standard definition, I think treating people differently because of their race is usually considered racist, even if the discrimination is of the "separate but equal" variety. Especially if the difference in treatment is due to stereotypes and prejudices.