The more opaque and subjective a system is, the more it will favour advantaged groups (principally those of high social class) - in my experience this is especially true of systems that are nominally intended to help historically disadvantaged groups (which tend to benefit high-class members of those groups). Objective standards, consistently applied and enforced, are disadvantaged peoples' strongest weapon against discrimination.

"The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread."

The only way to equalize the playing field between someone with access to capital and someone without access to capital is to redistribute it from those with the capital to those without.

Any other solution will just result in inflation or some other problem. If the root cause is not addresses, then the problem will persist (as reality shows).