Universities shouldn't be worried about racial quotas or anything like that -- but they should be worried about homogeneity (at least, private universities). There's a very good point to be made that a university should be a place where people of different backgrounds and cultures can come together in a collective environment. If you have 60% 'Asian students who want to major in math or science and play the violin' that's an issue, just as 60% white business major lacrosse-players is an issue.

I do have to say, one area where I'm concerned is graduate international admission. In my experience the TOEFL is clearly not cutting it with some people and knowing English is not optional as a graduate student -- you NEED to be able to easily communicate with your fellow grads and, perhaps most importantly, the undergrads you TA. Similarly, strong accent should definitely be a factor in choosing who can lecture classes. I don't care how good a researcher someone is if no one can understand them. This isn't even a complaint about Asian students and professors, either. The person I'm thinking of is Brazilian.