<p>If the % of total applicants who are URM's become the majority, then they will no longer be under-represented <em>minorities,</em> at least for college admissions. And I actually think that if that situation were to arise, it could be an excuse for reinstating a "meritocratic" system, based on perceived improvement of opportunity & broader representation of all segments in the applicant pool. (Same for low-income.)</p>
<p>Regarding the OP's points:
Ivies & top LAC's have been doing the modifying for some time now. However, it is not universally well communicated, & even less universally received. Families are still getting mixed messages in many cases (from the institutions & from general publicity, such as the "ranking" publications), & in other cases families and/or students and/or GC's remain in denial.</p>
<p>There is also some mythology about the either-or assumption. (High stats OR singular passions.) It is often both; further, such "ambidextrous" students are often low income -- a surprising percentage of them.</p>