Separate minyanim would not be racist at all.
The only reason for separate minyanim is that you can’t have more than one nusach simultaneously in the same minyan. So it wouldn’t be “the minyan for Sephardim” and “the minyan for Ashkenazim,” it would be “the Nusach Ashkenaz minyan” and “the Nusach Edot HaMizrach minyan” (throw in “the Nusach Sphard minyan” too, if you like).
Anybody would be free to daven at whichever minyan they want, no questions asked. Not racism, just plain utilitarianism.