Good question. Personally, I think it will be less diverse if we make every elite university use the same five point check-list of criteria: math scores, English scores, loads of extra curricular activities, AP classes , music/sports abilities.
If those five traits define a "good student" in America, some people will just become fixated on those five things. They are already people who do that. They are trying to hack the system.
I wanted a university experience that exposed me to all kinds of students. Yes, some were helped by these programs, but that was okay. I got to meet tons of different people.
Would it have been better to just clone the most "perfect" test taker who also happened to play the violin and did AP calc as a sophomore? I don't think so. I am not sure that kid (usually) really even loves math or the violin. It feels like they are just doing it to get into these colleges...