It is not racism, as for it to be racist it would have to support the idea that people of one race are inherently superior in some form or another to another race.

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.