Do Asians have considerably higher academic performance than most other ethnic groups? Yes, they do.
Do I believe Asian people are inherently more intelligent and capable? No, I do not.
Do I think that colleges should admit students based on academic performance or intelligence and capability? I think intelligence and capability are clearly more important qualities.
The only conclusion I can draw is that academic performance is clearly a bad indicator in some ways, if it so severely favors one racial group. Therefore colleges' unwillingness to judge Asians with the same standards of academic performance is a reasonable policy to me.