1. I know you're not saying that all hardship really boils down to is socioeconomic class, because that would be very myopic at best. Hardship in the form of discrimination can come from any number of avenues, be it socioeconomic, cultural, ethnic, gender, or any combination of discrimination. To say that we ought to base it solely off of socioeconomic class is much worse than the current system you're taking issue with right now.
2. I'm starting to feel a personal connection to this issue. You're right, however, to point out that as it currently stands, URM classifications lump together all of Asia, which I agree is incorrect. I've been to India and Korea; those cultures are very different from each other! Nevertheless, I still don't think it "outright discriminates" against Asian minorities. Indeed, many east Asian ethnicities are "overrepresented" in medicine, especially on the west coast. You (literally) win some and lose some. However, just because there is this (incorrect, I agree) artifact in the system as it stands today, doesn't mean that the whole thing is rendered "absolute nonsense." Rather, it seems like we ought to modify it slightly.
3. Medical schools do in fact take into account socioeconomic status, by the way. If you're a family making <$XX,XXX, you can be sure they're going to notice, or at least take it into account, however so slight it may be. Furthermore, if your socioeconomic status did indeed affect you so much, then talk about it in your personal statement! Again, your issues don't really seem to do much in the way of rendering the whole of issue of URM defunct. You seem to have a personal grudge with it, which is fine, but remember that this problem is multifaceted and includes people beyond the scope of individual grievances.
Oh, and racism in the colloquial sense of the word is not what URM status in medicine is. C'mon. Taking broad, harsh, and negative actions against a race is racism proper. Actively selecting those who are disadvantaged is not racist as you paint it to be, my internet colleague.
I'm sorry, the sociology student in me had to😳