How is this different from any other targeted recruiting? FAANG recruits students from CMU while not even visiting my alma mater. Recruiters extend phone interviews to referrals at 100% rate no matter how bad they suck, etc. Diversity recruiting != diversity hiring, and the numbers bare that out. Unless you argue that recruiters should have zero targeted pipelines I'm not sure how it's unique for diversity initiatives
Targeted recruiting from single sex schools or religious universities would be different, but there aren't many such universities in the first place.
However, targeted recruiting for high prestige university tend to create discrimination for social economical status, which discriminate against people who were not lucky enough to be born by rich parents.
Note that you're putting words in the other poster's mouth when you write that "the hiring bar has been lowered". Not all forms of discrimination involve lowering the hiring bar. From my experience, the bulk of discrimination occurs before hiring event starts - recruiters extend phone interviews to diverse candidates at higher rates. The hiring bar is the same for diverse and non-diverse, it's just that diverse candidates are more likely to get a chance to attempt to pass that hiring bar.