The SAT (and ACT) was the one objective measure for admission; it did not rely on grade inflation, race/ethnic identity, socioeconomic status. It did not matter who you were or where you came from. Now, it appears this objective measure is to be debased as a sacrifice to the Great Awokening. Understandably, people don't like that.
Unfortunately your assessment is incorrect. While it did not reflect grade inflation, it certainly did and does reflect socioeconomic status as well as racial/ethnic biases, however unintentional. Also despite the fact that there are and always have been those who scored very well despite being of lower socioeconomic status or racial/ethnic minority.
Socioeconomic status, certainly--because those from a higher socioeconomic status are generally more ready for college. The answer isn't to admit students who aren't ready, the answer is to take steps to help them get ready.
Race, no--despite widespread claims of bias computer analysis can find the biased questions and remove them. I see no recent examples of actual bias, just the usual shit of saying that a disparate result is proof of bias.