You are making the same argument as Scott Adams, and perhaps the same flaw in thinking. ‘Institutional racism’ was about state power, specifically laws and government programs. These laws have been eradicated. Adam’s argument is that the white neoliberal elite canceled him. The reason being they don’t want people to know racist they really are, so they act anti-racist.

This is not true. What is really going on is consumerism, where corporations cater to their customers. This is due to larger forces in society such as late-stage capitalism, and a switch from a production based economy to a consumption based economy. Identity, and equity are main marketing tools to of these corporations. Social justice is value signaling for corporations to show how they are good actors. This has nothing to do with institutional racism or the civil rights movement, but everything to do with using value signally as a branding and marketing tool for corporations.