I don't think this is the best reaction to the current situation and to systemic racism in general. I view it as problematic mainly in two ways.
It establishes the legitimacy of a thought there might be connection between two different things (colour wheel / groups of people, general names / specific groups of people or specific acts atc.). I know it is a gesture and it comes from good intentions, but it shifts the underlying premise of looking at cards. I n my opinion there is a possibility it will influence game mechanics as designers will be aware ( consciously or not ) that their design (and they) will be judged from the premise of malintent. Part of the players community will also use the presumption of prejudice while judging other players.
The second thing is, it creates a symbol of division. A flag that two extreme groups can unite under. And if we can't resolve this peacefully those two pretty small extreme groups will divide and polarise the rest.
I don't believe in censorship in general, especially in art. It has it's place when there is unique harmful information connected to identifiable people. The "sheltering method" of banning words that someone might find offensive is causing more harm than good. Word is a symbol and symbol has only the power people give it. The same goes for the alteration of history. We should view the history through the optics of progress we made and learn from mistakes we made. And we can find joy in recognising what good moves we made. If we will censor parts of it we will create a cult following of the wrong parts, or worse we will forget and at some point we are deemed to repeat the mistakes.
I understand the appeal of radical action, but cautious steady progress is the way to go IMO. I liked the way more diversity was incorporated in MTG. Similar methods should be applied here. They could remove the art from gatherer or design upgraded cards to slowly push out those they deem problematic. Solution not as sexy as bannings, but better in the long run.
Offtopic: Old log ins don't work anymore? How long?