"This scholarship is only for blacks, latinos and women"

Would you describe that as not systemic?

And I personally think your proposed alternarive just amounts to word games.

Why are you conflating interpersonal racism with systemic? Both exist. If a white person is racist towards a black person do you call that racial bias? If you do, you are just replacing the established definition of racism, not addressing the phenomenon itself.

Because the suffix "ism" doesn't really refer to interpersonal things. It connotes a system.

Some may not agree with the distinction, but the reality that racial bias without power and a system behind it is not really the same thing. Which is why there is not equivalent to things like the "n" word for white people.