On a sort of unrelated note, I don't think that the standard of beauty would be all that different if a different ethnicity was in charge of things (and I'm talking about Monica Bellucci etc. beauty, not sickly, unhealthy, Vogue beauty). Beauty is beauty, and not every white person looks like Cindy Crawford believe it or not. One of the most beautiful men I've ever seen was (this'll sound awful) in a National Geographic, a picture of an African nomad tribesmen. He was ten times hotter than basically every white man I've seen. I think we tend the see whites as more beautiful because we're constantly bombarded by pictures of beautiful white people as opposed to beautiful black, Asian, etc. people, so we think that the features of beauty are all white when really they're everywhere.
And on another note, while I do agree that we seem to be regressing in terms of diversity, at least there are more Asian faces in high fashion. I mean, that's something right. Not very many covers, but Asians are at least better represented than they once were.