I think it still makes some sense to ask if someone is Black or Native American due to their unique history in America (slavery and genocide), but tossing people into these buckets based on their ancestral continent is absurd.
In the current system, you're essentially punished if you're Asian, but what is "Asian," really?
Chinese, Japanese, and Koreans often immigrate to America with advanced degrees, wealth, etc. and they pass those advantages on to their kids, hence the high standardized tests scores / GPAs, but immigrants from Thailand, Vietnam, and the Philippines often come here with nothing in search of a better life, and their children are tossed into the same "Asian" bucket, and punished.
Maybe you could have one "non-white" checkbox that would award you a few points to partially offset any historical exclusion of nonwhite people in the university, which is important if they still have legacy admissions. Hispanic people might not have the option of getting extra points for having a father that went to Yale, who himself had a father that went to Yale, if Hispanic people were outright excluded in the past.
I think we'll eventually move to something close to what you're describing. You could get some points if your parents are poor, or didn't attend college themselves, or don't speak English, but categorizing people into one of a few crudely drawn racial categories has got to end.